Consumer Protection in Nigeria: The Nigerian Bankruptcy Act in Perspective

Abstract

Advancement in technology, growth of industries and sophistication of goods and services has brought about an increased need for tougher legislations on consumer protection. Some legislation in areas of law especially in Commercial and Trade law remain very relevant in protecting consumers of goods and services from defective, substandard and hazardous goods and services. There are, however, some areas where protection is either inadequate or non-existent. The need to look at laws that impact on the lives of consumers with a view of making them more relevant cannot be overemphasized. Despite the existence of legislations, the level of consumer protection in Nigeria has remained low. This is attributed to a number of factors, prominent among others are ignorance of the consumer, weak implementation machinery or weakness of regulators, and inadequate publicity of the activities of enforcement agencies. Bankruptcy regulations also play an important role in consumer protection. This paper shall examine in detail the Nigerian Bankruptcy Act and its efforts in consumer protection in Nigeria.