Price mechanism, competition and consumer protection law in Nigeria

Abstract

Everything has a price. Generally, price is the amount of money charged for a product or service. More specifically, price is the sum of all the values that the Consumer surrenders to acquire the benefit of having a product. Does this benefit meet the Consumer’s expectation? Or could this expectation be  shrouded in the perception where anti-competition (monopoly) is involved? Price is critical to both the Consumer and Producer because price must not only be reasonable and valuable to the Consumer, it must be fair to the Producer, at all times. This paper shall therefore attempt to examine the process of finding the right pricing strategy, otherwise known as price mechanism, against the backdrop of anti-competition and consumer protection law.

Keywords: Price, anti-competition, consumer protection, law