A CRITIQUE OF THE FEDERAL COMPETITION AND CONSUMER PROTECTION ACT 2018

Abstract

The need for a competition law tailored towards the protection of consumers in Nigeria was long overdue to prevent the continued existence of monopolies and other anti-competitive activities in the Nigerian market. The belief being that when there is competition in the market place, the quality of goods and services supplied to the consumer would be high; as each, manufacturer or supplier would work assiduously to outdo the other thereby creating an enabling environment for consumers to make choices.1 The consumer would not only benefit from improved quality of goods and services, he would also get them on fair and reasonable prices. This paper has shown that the Act has far reaching effects on many sectors of the economy and its effect is considered supreme with overriding effect over other existing law apart from the constitution on matters relating to consumer protection and competition.