President Muhammadu Buhari has assented to the Federal Competition and Consumer Protection Bill.
It will now be known as the Federal Competition and Consumer Protection Act 2019.
The act is the most prolific legislation for promoting consumer confidence, choice and fair pricing.
In a statement by the Director General of the CPC Mr. Babatunde Irukera, the law will deepen the framework for encouraging and supporting small and medium scale businesses by ensuring a playing field that eliminates entry barriers and operational obstacles which prevent sustainability and profitability.
By this law, the Federal Government has cemented the most needed efficient and transparent framework for meaningful and credible disposition of public enterprises, expanding economic growth and assuring shared prosperity.
The statement adds that the Consumer Protection Council will engage every tool and provision in this new law, and any other enactment for the protection of consumers to ensure fair treatment and respect for Nigerian consumers.