The Federal Competition and Consumer Protection Act (FCCP), which came into effect on February 6, 2019, has been seen as the catalyst to creating a more conducive business environment for female entrepreneurs.
Otunba ‘Debola Osibogun, president, Consumer Awareness and Financial Enlightenment Initiative (CAFEi) stated this in her speech made available to BusinessDay.
The Act repeals the Consumer Protection Act Chapter 25, Laws of the Federation Nigeria 2014 and Sections 118-128 of the Investment and Securities Act which regulated Mergers and Acquisitions (M&As) via the Securities and Exchange Commission (SEC) and “establishes the Federal Competition and Consumer Protection Commission and the Competition and Consumer Protection Tribunal; for promotion of competition in the Nigerian markets at all levels, by eliminating monopolies, prohibiting abuse of a dominant market position and penalizing other restrictive trade and business practices.
She highlighted that the new law will be enforced by an independent FCCP Commission to secure the rights of all consumers and ensure safe products and efficient markets, through the creation of the FCCP Tribunal to handle any issues or disputes arising from non-compliance with the regulation.
Aside from the obvious benefits of the FCCP for all consumers such as improved and increased choice due to a greater number of industry players offering more innovative products, she said there are some benefits that could arguably accrue to women more than men.
“Even though this law will not constitute ‘silver bullet’ in closing the gap on gender equality as the regulation does not directly address issues such as the gender wage gap and segmentation, it will go a long way in increasing access to female participation in economic activities thereby enhancing the objective of empowerment for women”, Osibogun, said .
Nevertheless,she said it remains to be seen if increased female participation translates to economic growth given the higher costs of running a business in the formal sector.
HOPE MOSES-ASHIKE
