President Muhammadu Buhari has signed into law the Federal Competition and Consumer Protection Bill.The president yesterday assented to the bill 15 years after the Bureau for Public Enterprise (BPE) proposed it as an anti-trust law to checkmate monopoly in the country.

The new law repeals the Consumer Protection Council Act and sections 118-128 of the Investment and Securities Act.

The new Act, also establishes the Federal Competition and Consumer Protection Commission as well as the Consumer Protection Tribunal to try violations.

According to a statement by the Senior Special Assistant to the President on National Assembly (Senate), Senator Ita Enang, the bill is meant to promote economic efficiency, maintain competitiveness in the Nigerian market and protect the welfare of consumers.

“The law is to promote economic efficiency, maintain a competitive market in the Nigerian economy, protect the Nigerian economy, protect the interest and welfare of consumers by providing consumers with wide variety of quality products at competitive prices as well as prohibit restrictive or unfair business practices in the Nigerian economy.”

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