It is indeed a great move in our country Nigeria as President Muhammadu Buhari signs the antitrust bill into law after several backs and forth. The Act repeals the Consumer Protection Council Act, Cap 25, 2004 Laws of the Federation of Nigeria to establish the Federal Competition and Consumer Protection Commission and the Competition and Consumer Protection Tribunal.
Competition in business means Rivalry in which every seller tries to get what other sellers are seeking at the same time: sales, profit, and market share by offering the best practicable combination of price, quality, and service. Where the market information flows freely, competition plays a regulatory function in balancing demand and supply. Anti-competition law are laws developed to protect consumers from predatory business practices. It ensures that fair competition exists in an open-market economy. The law has evolved along with the market, vigilantly guarding against would-be monopolies and disruptions to the productive ebb and flow of competition.
This law guides against monopolistic behaviours such asexclusive supply agreements, tying the sale of two products, predatory pricing, refusal to deal etc. more than 120 countries have their own national anti-competition laws examples are Japan, Australia, Philippines, New Zealand and Thailand have strong anti-competition law which has help to protect players in the business sector and in turn boost their economy.
Federal Competition and Consumer Protection Act 2018established the Federal Competition and Consumer Protection Commission and the Competition and Consumer Protection Tribunal for the development and promotion of fair, efficient and competitive markets in the Nigerian economy.