The Senate on Thursday passed the Federal Competition and Consumer Protection Bill, 2017.
The bill was passed following the adoption of a report of the Senate Committee on Trade and Investment on the Bill.
Presenting the report, Chairman of the committee, Sen. Fatima Raji-Rasaki, said the bill would help to develop businesses in Nigeria.
She said that when assented to, the bill would promote fair, efficient and competitive markets in the country.
”This bill seeks to facilitate access by all citizens to safe products and secure the protection of rights for all consumers in Nigeria,” she said.
In his remarks, the Deputy President of the Senate, Mr Ike Ekweremadu, who presided at the plenary, thanked the lawmakers for ensuring the passage of the bill.
Ekweremadu said that the bill would assist in the ease of doing business in the country.
He said that Nigeria appeared to have been found wanting in the area of business, adding that the bill would help to set some records straight.
“When assented to, the bill will protect all patented products, protect employees and ensure that consumers have access to products made to the highest standards.
”Consumers will also have compensation for faulty purchases or transactions,” he said.