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Commenced in January 2007 Frequency: Monthly Edition: International Publications Count: 31229


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10011958
Analyzing the Prospects and Challenges in Implementing the Legal Framework for Competition Regulation in Nigeria
Abstract:
Competition law promotes market competition by regulating anti-competitive conduct by undertakings. There is a need for a third party to regulate the market for efficiency and supervision, since, if the market is left unchecked, it may be skewed against the consumers and the economy. Competition law is geared towards the protection of consumers from economic exploitation. It is the duty of every rational government to optimally manage its economic system by employing the best regulatory practices over the market to ensure it functions effectively and efficiently. The Nigerian government has done this by enacting the Federal Competition and Consumer Protection Act, 2018 (FCCPA). This is a comprehensive legal framework with the objective of governing competition issues in Nigeria. Prior to its enactment, the competition law regime in Nigeria was grossly inadequate despite Nigeria being the biggest economy in Africa. This latest legislation has become a bold step in the right direction. This study will use the doctrinal methodology in analyzing the FCCPA, 2018 in order to discover the extent to which the Act will guard against anti-competitive practices and promote competitive markets for the benefit of the Nigerian economy and consumers. The study finds that although the FCCPA, 2018 provides for the regulation of competition in Nigeria, there is a need to effectively tackle the challenges to the implementation of the Act and the development of anti-trust jurisprudence in Nigeria. This study concludes that incisive implementation of competition law in Nigeria will help protect consumers and create a conducive environment for economic growth, development, and protection of consumers from obnoxious competition practices.
Digital Object Identifier (DOI):

References:

[1] Federal Competition and Consumer Protection Act No 1 2019.
[2] A. Ogunbanjo and M. Atsenuwa, “A Review of the Federal Competition and Consumer Protection Act 2019” Odujinrin & Adefulu (2019) accessed 11 January 2020.
[3] Cap C25 Laws of the Federation of Nigeria (LFN) 2004.
[4] Cap I 24 LFN 2004.
[5] G.Etomi and Partners, “Analysis of the Federal Competition and Consumer Protection Act 2018”Lexology: Law Business Research (USA, 3 April 2019) accessed 11 of January 2020.
[6] K.Ojelade and E. Osman, “Competition Law and the Control of Monopoly in Nigeria” Medium (6 March 2019) accessed 18 January 2020.
[7] Explanatory Memorandum to the Federal Competition and Consumer Protection Act (FCCPA) 2018.
[8] A. Ojekunle, “Everything You Need to Know about the Federal Competition and Consumer Protection Act” Pulse Nigeria (2 July2019) accessed 12 January 2020.
[9] W. Obayomi, “Federal Competition and Consumer Protection Act” (2019) (3) (3) KPMG (21 March 2019) https://home.kpmg/ng/en/home/insights/2019/03/federal-competition-and-consumer-protection-act.html accessed 13 January 2020.
[10] O. Obioma, “How Nigeria’s New Competition Law will Benefit the Economy - and What to Watch For” The Conversation (14 September 2020] accessed 8 October 2020.
[11] A. Adeniran, “Competition Policy and Nigerian Commercial Governance” Cpparesearch: Thinking Aloud (14 March 2018) accessed 13 January 2020.
[12] “Federal Competition and Consumer Protection Bill” PricewaterhouseCoopers Limited (February 2018) accessed 13 February 2020.
[13] Won-Ki Kim, “US Antitrust Law’s Extraterritorial Application and Adoption” (2003] (7) Singapore Journal of International and Comparative law p. 410.
[14] Chapter P 28 Laws of the Federation of Nigeria (LFN) 2004.
[15] Companies and Allied Matters Act 2020.
[16] R. Akapo, “The Impact of the Federal Competition and Consumer Protection Act on Competition Regulation and Consumer Protection in the Nigerian Telecommunications Industry” (2018) Advocaat Law Practice p.3.
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