After more than a decade of futile efforts to have the Competition Law in the country, the eighth Assembly has demonstrated its commitment to pass the Federal Competition and Consumer Protection Bill, which is presently before the National Assembly.
The Senate has scheduled a Public Hearing on the Bill today, (Tuesday, December 13) at the National Assembly Complex Abuja.
The failure to enact this law in the past has been blamed on conflicting interests of some businesses in the country as well as some bureaucratic bottlenecks.
However, the good news today is that the Bill has passed second reading in both the Senate and the House of Representatives. The House of Representatives had in August this year held a public hearing on the bill while the Public Hearing on the Bill by the Senate is following soon.
Ahead of the public hearing of the Senate and a national conference on the Bill, the coalition, which comprises the Nigeria Employers Consultative Association (NECA), Manufacturers Association of Nigeria (MAN), Nigeria Economic Summit Group (NESG) among others in collaboration with the Enhancing Nigerian Advocacy for a Better Business Environment (ENABLE), held a review meeting on Federal Competition and Consumer Protection Bill in Lagos in November.
In a communiqué issued at the end of a one-day meeting, the group noted that the Bill is awaiting its 3rd reading in the House of Representatives and has passed its 2nd reading in the Senate.
It noted the consensus involving the public and private sector stakeholders on changes to the Bill and admitted that the amendments are consistent with the position of the private sector coalition (PSC).
The communiqué observed that the Private Sector Coalition needs to update its position paper and renew its wider advocacy offensive in support of the Bill and that “as private sector stakeholders, we realise the Bill is not perfect but this is the time to rally around and improve the quality”.
While assuring that the Bill will enhance productivity, improve job creation and foster innovation, the PSC agreed that sector regulators needed to be engaged and consulted for their input and agreement before the public hearing on the Bill by the Senate.
The communiqué urged the National Assembly Business Environment Roundtable (NASSBER) and other Private Sector Organisations to support the efforts to pass the Bill and gain presidential assent.
