A CRITICAL OVERVIEW OF THE FEDERAL COMPETITION AND CONSUMER PROTECTION ACT

Abstract

The establishment of Competition law is long overdue as the idea of Competition law unsuccessfully came up 17 years ago at the National Assembly. However in August 2015, The Federal Competition and Consumer Protection Bill, 2015 gained legislative approval and was passed into law in February 2019 by President Muhammadu Buhari. The Federal Competition and Consumer Protection Act 2018 repealed the Consumer Protection Act, Cap. C25, Laws of the Federation of Nigeria 2004 and sections 118-128 of Investment and Securities Act, Cap.124, LFN 2004. The objectives of the work are to analyze the Federal Competition Consumer Protection Act and to do a critique of the Act. This research work used doctrinal method of legal research and accordingly gathered data from primary and secondary sources of law, namely, legislations and journal articles as well as internet sources respectively. It was found that the establishment of competition law will enhance the economy of the country and build confidence in the heart of the investors; however there are steps to be taken by the Commission in order to enhance the effectiveness of the Act. It is recommended that there is need to amend some of the provisions of the Act in other to enhance the efficiency of the Act.