A critical review of the Federal Competition and Consumer Protection Act (FCCPA) 2019

Abstract

Competition law shields and protect both consumers and producers in any economy by ensuring the production of quality goods and efficient services and also ensuring that no monopoly exists in the market to undermine any producer. Where competition is lacking, consumers’ right of choice is threatened, the quality of goods and services is washed down, and dominant producers make an undue profit to the detriment of consumers and other producers in the market. Nigeria had been long overdue for comprehensive competition law to regulate and rectify anti-competitive trade practices in its market. After prolonged agitation and unsuccessful attempts, the Federal Competition and Consumer Protection bill was accented to by the President in January 2019. The paper takes a careful look at the FCCPA 2019 by giving a detailed summary of all the parts of the Act. The work also highlights the green and red lights in the Act. The work also examines in detail the functions of the authorities established by the Act (The Federal Competition and Consumer Protection and the Consumer and Competition Protection Tribunal). The work concludes by suggesting recommendations that can ensure that the Act is effective to combat the current challenges to competition that exists in the Nigerian market.