The Federal Government has assented to the Federal Competition and Consumer Protection Bill, thereby making it a Federal Competition and Consumer Protection Act 2019.
Babatunde Irukera, the Director-General, Consumer Protection Council, announced this in a statement on Wednesday in Abuja.
Irukera said that by this, Nigeria had promulgated perhaps the most prolific legislation for promoting consumer confidence, choice and fair pricing.
He said the law would deepen the framework that would encourage and support small and medium scale businesses in the country.
The CPC boss said it would also ensure a level playing field that eliminated entry barriers and operational obstacles that prevented sustainability and profitability.
He said: “By this law, the Federal Government has cemented the most needed efficient and transparent framework.
“It will ensure meaningful and credible disposition of public enterprises, expanding economic growth and assuring shared prosperity.
“As a leading market in Africa, a vibrant competition framework is a key tool in reducing poverty, increasing value for money and ensuring consumer satisfaction.
“This demonstration of fidelity to consumers and citizens while continuing to promote Nigeria as a leading destination for investment is an outstanding achievement.
“It is a historic milestone in the development of Nigeria and prioritisation of her people both from consumer protection and economic competitiveness standpoints.”
According to the director-general, the CPC will engage every tool and provision in this new law and any other enactment for the protection of consumers.
He said the council would also ensure fair treatment and respect for Nigerian consumers.