The Senate at its plenary session of Thursday, 8 June 2017 passed the Federal Competition and Consumer Protection Bill, 2017. The Bill seeks to establish a Federal Competition and Consumer Protection Commission and Tribunal for the development and promotion of fair, efficient and competitive markets in Nigeria, facilitate access to safe products by all citizens and protect the rights for all consumers in Nigeria.
Presenting the report on the Bill, Chairman of the Committee on Trade and Investment, Sen. Fatima Raji-Rasaki (PDP:Ekiti) informed the Senate that the Committee adopted the following methodologyin the course of its assignment,:
- Receipt of Memoranda from Ministries, Departments and Agencies (MDAs), Private Sector and Civil Society Organizations (CSOs);
- Conduct of a Public Hearing;
- Consideration ofClauses in the Bill and contributions by Senators during the debate of the Bill; and
- Engagement of the services of Consultants.
Sen. Raji-Rasaki explained that the Bill among other things seeks to promote and maintain competitive markets in the Nigerian economy, protect and maintain the interests and welfare of consumers by providing competitive prices and product choices and prohibiting restrictive business practices that prevents competition or results in the abuse of a dominant position or market power.
Furthermore, she mentioned that the Bill, if passed into law would establish a National Administrative Framework for consumer protection, remove regulatory overlaps, create regulatory harmony between the Commission and other agencies involved in consumer protection and create a strict liability offence for common unfair trade practices to deter indulgence by providers of goods and services.
Lastly, she stated that the Committee had observed during its consideration of the Bill, that the core functions of the Commission would include the handling of complaints from consumers and instituting the mechanism for redress, collaborating with other statutory bodies in the discharge of its duties and mandates; including regulating and controlling goods and services approved by the Commission .
