The Speaker of the House of Representatives, Hon. Yakubu Dogara, has said that the establishment of the Federal Competition and Consumer Protection Commission as passed by the House will help pull Nigeria out of recession.
Commenting on the passage of the Bill by the House recently, Dogara stated that the two economic bills, Public Procurement amendment bill and Competition bill passed by the House are designed deliberately to jumpstart the economy to pull Nigeria out of recession.
He also allayed fears that the Bill as passed by the House seeks to punish monopolies or those with considerable market power, “that is not the essence of the Bill. As a matter of fact, some businesses are better carried out by a monopoly, but what the Bill seeks to achieve is to punish those who have powers of monopoly, or who have considerable market power in any given market, where they abuse that power.”
The Speaker further revealed that “if you act in a way that distorts competition in the market, whether you are a monopoly or not, you will be punished and on Consumer Rights, it proposes that anyone who contravenes any consumer rights commits an offence and is liable upon conviction to imprisonment of a term not exceeding 5 years or the payment of a fine not exceeding ten million naira (N10m).”
He said the proposed law protects consumers as they will take the benefits of competition in the markets which will result in innovation and creation of more jobs because there will be more lines of businesses as innovation takes root in the market.
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