Consumer protection, safety and overall wellbeing remains the function of policy makers and government process regulators. Every economy seeking to enhance the wellbeing of its consumer population, must restrict bad business practices and products from circulation. To prevent consumers from sharp trade practices of certain business organizations, the competition law was created. The competition law has thus become a vital economic tool employed by governments of many nations to safeguard its citizens from foreign exploitation as well bad business practices of companies within.
By definition, Competition law is a law that promotes or seeks to maintain market competition by regulating anticompetitive conduct by companies. Competition law is implemented through public and private enforcement. Its aim and objective is simply for the wellbeing of consumers.
So many developed and developing countries have taken the bold step to setting up a robust competition and consumer policy frame work. The benefits of the competition law in the EU for instance has led to better consumer welfare, stable prices of commodities, availability of quality products through out the year, products and services innovation etc.
In Nigeria today, so many unhealthy business practices are allowed to go on because of the absence of a well structured body dealing with competition issues. Nigeria has only scratched the surface of competition Issues only on sectorial basis. At the present moment, the federal government through the legislators have seen the need for better business practices to exist within the economy. So many organisations have indulged in monopolizing the market of certain products thus defining an unrealistic selling price. Before the deregulation of some key sectors of the economy, many services were expensive and epileptic. The rate of consumer dissatisfaction was very low, coupled with the fall in product quality.
In monopolies we have seen agencies like NEPA, NITEL, Nigerian Airways, National bank etc all deregulated for efficient service delivery and innovation.
Today, consumers are no longer pinned down by government agencies alone, today some private businesses have become the nightmares of many Nigerian consumers. The following bad business practices have been allowed to thrive:
- Business monopoly
- Product hording
- Illicit merger
- Drop in product quality
- Price hike
- Product bundling
Once the Federal Competition and consumer bill becomes law, consumers will be protected from harmful business practices. Without these law, consumer rights will be trampled upon and defaulting companies will get away with a lot of crimes.
- The competition law safeguards the well being of the Consumer by ensuring that there is a healthy business competition among companies.
- That products are readily available in varieties for consumers to choose from
- The prevention of unhealthy mergers by big organizations who intended defrauding the consumer.
- Ensuring steady price of products and services.
- Protecting consumers from unhealthy product bundling services for consumers.
Consumers have the right to unite and support the passing into law of the competition bill currently at the senate. Every consumer deserves to be safe.
Consumer safety is the responsibility of everyone. When the competition is law in place, consumers in Nigeria will be glad that their welfare will be taken care of. The competition law will further strengthen the rights of consumers. The competition law will guide how businesses think and operate.
With the competition law, businesses will have no other option than to ensure only quality services and products are allowed into circulation in the market.
With the competition law, business activities of organizations and companies will be evaluated to ensure strict compliance to lay down procedures. The competition law will save the Nigerian consumers from the claws of unethical business organizations. Support the competition bill, it is for the good of every Nigerian consumer. Everyone is a consumer.