President Muhammadu Buhari has assented to the Federal Competition and Consumer Protection Act 2019.
This was contained in a statement released on Wednesday by the Senior Special Assistant to the President, National Assembly (Senate), Senator Ita Enang.
The bill was sponsored by the All Progressives Congress (APC) senator representing Anambra South Senatorial District in the Senate, Andy Uba.
According to Enang, the Act establishes the Federal Competition and Consumer Protection Commission and the Consumer Protection Tribunal to try violations.
The law, he said, is to promote economic efficiency, maintain competitive market in the Nigerian economy, protect the Nigerian economy and 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.
This Act, he said, has accordingly, upon assent been remitted to the National Assembly/Appropriate Authorities as law of the Federation.
Reacting to the President Buhari’s assent to the bill, a customer service professional, Mr Chirs Okoye, hailed Senator Uba and President Buhari for their roles in ensuring that the Act was passed into law.
He said, “We are glad that such an important Act that seeks to protect the rights of consumers has been passed into law. We are also grateful to Senator Andy Uba for sponsoring the bill and President Buhari for assenting to it.
“I am particularly glad that the Act will eliminate anti-competitive agreements, misleading, unfair, deceptive or unconscionable marketing, trading and business practices.”