TRANSITIONING FROM A REGULATED ECONOMY TO A COMPETITION REGIME:NIGERIA AS A CASE STUDY

Abstract

This  study  gives  a  brief  history  of  the  evolution  of  the  Nigerian  economy  from independence  till  date  taking  into account  the  several  milestones  towards  actualization  of  a  fully  liberalized  economy  devoid  of  cartels,  price  fixing and unhealthy competition.Another important aspect of this article will be to dissect several economic policies that successive  governments  had  deployed  in  Nigeria  to  ensure  stability  of  the  economy.  Several  economic  terms  like regulation,  privatization,  re-regulation,  capitalization,  indigenization,  deregulation  and  competition  are  analyzed vis-a-vis  the  Nigerian  economy.  This  work  understudies  the  Nigerian  economy  as  at  today  to  decipher  what economic models  it  has  deployed  to  ensure  a  vibrant  and  robust  economy. It  places  the  newly  passed  competition law  on  a  scale  with  the  current  regulatory  strategy  adopted  by  government  in  several  sectors  of  the  economy, forecasting its applicability to what is currently obtainable in the country. Bottlenecks and challenges that lie ahead are also identified and possible recommendations made using the experience of advanced economies in competition law.