The Federal Government has hinted of plans to enact a new consumer protection law for effective regulation of the activities of businesses.
The Minister of Trade and Investment, Mr. Olusegun Aganga, said this on Thursday in Abuja during the maiden edition of the Nigeria Consumers’ Award.
NiCA was organised by the Consumer Protection Council to re-energise the Nigerian market-place for a healthy competition, which is capable of increasing consumer satisfaction through interactions between the consumer and the provider of product and services.
The minister said the bill, which would soon be sent to the National Assembly by President Goodluck Jonathan would bring about a competition regime for businesses to operate more effectively.
He said, “Citizens’ empowerment and well-being are key performance indicators of the Transformation Agenda of the administration of Mr. President, Dr. Goodluck Ebele Jonathan.
“This informed our resolve to take to the National Assembly, in no distant future, a competition and consumer protection Bill which, when passed into law, will bring about a competition regime that will enable businesses to operate more effectively in the Nigerian market place.
“It will also enable the nation to harness the gains of privatisation and deregulation, modernise the legal provisions for consumer protection in Nigeria, and at the same time build the required synergy between competition and consumer protection in the country.”
Aganga, who was represented at the event by the Minister of State for Trade and Investment, Dr Samuel Ortom, said that the government was poised to ensure that appropriate measures were put in place to protect investors and consumers.