FG To Checkmates Private Sector Sharp Practices

Posted by African Examiner Latest Headlines, News Thursday, March 27th, 2014

Kayode Adelowokan

Top on the agenda, the Federal Executive Council of Nigeria on Wednesday deliberated on two bills that will check sharp practices by the private sector and improve services in the postal sector in line with the reforms taking place in the economy.

Nigeria’s President Goodluck Jonathan

The council in a meeting that appeared to be the shortest, lasting for about 30 minutes, considered the Federal Competition and Protection Bill and the Nigerian Postal Commission Bills.

The two bills were sponsored by President Goodluck Jonathan.

Addressing journalists after the meeting, the Minister of Information, Labaran Maku, said a committee, headed by the Vice President, Namadi Sambo, has been set up to finalise issues on the two bills before their transmission to the National Assembly for their consideration and passage into law.

Maku said it has become clear that unless government undertake serious policy legal framework to ensure competition in the economy, “what will happen is that the previous monopoly exercised by government companies in key sectors of the economy will be simply repeated by private sector monopoly as people who buy these companies may block further development of the sector unless you have in place a legal framework that regulate competition in the economy”, he added.

“In the Nigerian economy so far, we do not have any specific agency that deals with issues of abuse of trade practices, the issue of anti-trust and monopolies, which in every open economies must exist if competition within the economy is to guaranty further development. An absence of such agencies will undermine the intention of deregulation that will open the sectors to competition,” he said.

The minister of information also shared that the Council believes that a legal framework to back-up the reforms in different sectors of the economy should be put in place to reduce the risk of hijacking the privatisation process by a few people in the private sector to the detriment of the Nigerian consumers.

According to himwhile the Federal Competition and Consumer Protection Bill will check anti trade practices, the Nigerian Postal Commission Bill will open up the postal sector for greater competition and faster delivery of parcels anywhere in the country.