Competition Law in Nigeria - Slowly but Surely: The Draft Competition & Consumer Protection Policy for Nigeria

Abstract

Following years of deliberation, cogent steps are presently being taken to birth a competition policy and legislation in Nigeria. A draft of the Competition Policy for Nigeria has been released to private sector and the public for feedback. The draft policy, “Draft Competition and Consumer Protection Policy” (“Draft Policy”) should precede a formal substantive and procedural approach on competition for Nigeria. SCOPE: The Draft Policy is a combination of competition and consumer protection. The government intends to adopt an integrated and comprehensive approach with competition policy and consumer protection overlapping and complementing each other. With competition focusing on the supply end of the economy i.e. manufacturers, producers and providers of products and services and consumer protection focusing on the demand end of the economy with the aim of ensuring consumers are able to exercise effectively the choice that the promotion of competition will eventually bring. Therefore, the policy, when eventually launched, will apply to all market transactions and all entities in Nigeria and entities outside Nigeria engaged in commercial transactions in Nigeria.