The Federal Competition and Consumer Protection Bill recently signed into law by President Muhammadu Buhari will force companies to innovate to meet the taste of consumers.

This was disclosed by President of Abuja Chamber of Commerce and Industry (ACCI), Prince Adetokunbo Kayode, as he commended President Buhari for signing the bill into law.

It could be recalled that, the Chamber through its Policy Advocacy Centre (PAC) organised a stakeholders roundtable on the legislation in December 2018 during which it urged the President to sign it into law.

His reaction was contained in a press release from the Chamber in which Prince Kayode explained that the law is particularly important to the Organised Private Sector (OPS) because of the deregulated nature of the Nigerian economy pointing out that it will make for critical market forces of demand and supply to determine the prices for goods and services.

“In this regard, companies and business entities will introduce innovative with the aim of meeting the taste and preference of the consuming public.

“It is therefore my expectation that, within the shortest possible time the business environment in Nigeria will revolutionise and if it is implemented properly and impartially, the entire economy will be better for it,” he said.


Source – Daily Trust