BUSINESS FG moves to break monopolies, unfair business practices

The federal government has commenced moves to tackle unfair business practices, in its bid to provide a fair and competitive environment for industry, trade and investment.

This follows the disclosure of the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, that a new competition and consumer protection policy that will address the various trade concerns and provide a level playing ground for businessmen in the interest of consumers, in particular, and the economy at large, will begin soon.

Aganga spoke during the formal presentation of the Draft Competition and Consumer Protection Policy to Ministries, Extra-Ministerial Agencies, organised business communities and state governments in the northern part of Nigeria.

Represented by the Permanent Secretary in the ministry, Ambassador Abdulkadir Musa, Aganga said, “the new policy would forestall the emergence of private monopolies and cartels, engender fair trade and ensure that Nigerian consumers got value for their money.

In her remarks, the DirectorGeneral, Consumer Protection Council, Mrs. Dupe Atoki, said the new policy would act as a deterrent against anticompetitiveness practices and ensure that consumers got value for their money.

She said: “The absence of competition and consumer protection policy in Nigeria over the years has set us back as a country. We are set to reverse the trend so that Nigeria can join the comity of nations where there is a competition and consumer protection policy to guide the manufacturers and service providers.