Consumer Protection Council (CPC) has said it will engage every tool and provision in the new Consumer Protection Bill and any other enactment to ensure fair treatment for consumers.
President Muhammadu Buhari assented the Federal Competition and Consumer Protection Bill on Wednesday, thereby making it the Federal Competition and Consumer Protection Act 2019.
In a statement signed by the Director-General of CPC, Babatunde Irukera, yesterday in Abuja, Nigeria has promulgated perhaps the most prolific legislation for promoting consumer confidence, choice and fair pricing.
Irukera said, in the same token, the law deepens the framework for encouraging and supporting small and medium scale businesses (SMEs) by ensuring a level playing field that eliminates entry barriers and operational obstacles which prevent sustainability and profitability.
He said: “By this law, the federal government has cemented the most needed efficient and transparent framework for meaningful and credible disposition of public enterprises, expanding economic growth and assuring shared prosperity.
“As a leading market in Africa, a vibrant competition framework is a key tool in reducing poverty, increasing value for money and ensuring consumer satisfaction.
“This demonstration of fidelity to consumers and citizens, while continuing to promote Nigeria as a leading destination for investment is an outstanding achievement, and a historic milestone in the development of Nigeria and prioritisation of her people both from consumer protection and economic competitiveness standpoints.”