Why Nigeria is Ripe for a Competition Law

Concluding Remarks

Undoubtedly, Nigeria, more than at any other time in its past, requires an efficient, consolidated and seamless legal, regulatory and adjudicatory framework, overseeing market activities. The Bill before the National Assembly therefore deserves the highest level of legislative attention so that it can be passed into law without further delay.

As the government of the United Kingdom stated clearly in its 2001 White Paper, ‘Productivity and Enterprise’; “The importance of competition in an increasingly innovative and globalised economy is clear. Vigorous competition between firms is the lifeblood of strong and effective markets. Competition helps consumers get a good deal. It encourages firms to innovate by reducing slack, putting downward pressure on costs and providing incentives for the efficient organisation of production. As such, competition is a central driver for productivity growth in the economy, and hence the UK’s international competitiveness”. These assertions, certainly at this time of promoting competitiveness through implementation of economic growth strategies, hold true for Nigeria.

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