The Nigerian Employers Consultative Association (NECA) in Lagos called on the National Assembly to fast-track the passage of the harmonised version of the Federal Competition and Consumer Protection Bill (FCCPB).
Mr Timothy Olawale, a Director in NECA, said the bill when passed and assented to, had the potential of facilitating the ease of doing business in the country.
According to Olawale, the bill aims at promoting and maintaining competitive markets in the Nigerian economy.
The bill will allow for the development and promotion of fair, efficient and competitive markets in the economy.
It will prohibit restrictive business practices or unfair business practices which prevent, restrict or distort competition or constitute an unfair abuse of a dominant position of market power in Nigeria.
When passed, the bill is expected to improve the existing legal and institutional framework for consumer protection in Nigeria,” Olawale said.
He also said the bill would also protect consumers against arbitrary price regime in the market.
Reports stated that the bill was passed by the House of Representatives on March 9, while the Senate passed a slightly modified version on June 8.
Both chambers constituted a committee in August to harmonise the differences in the bill for adoption and transmission for presidential assent.
Source: Voice of Nigeria