The Federal Government has moved to put a stop to the problem of anti-trade practices in the nation’s economy. In furtherance of this, President Goodluck Jonathan today presented two bills to the Federal Executive Council (FEC) meeting.
The bills are the Federal Competition and Consumer Protection Bill 2014 and the Nigeria Postal Commission Bill 2014.
The FEC meeting which only lasted for only 33 minutes was President over by the president.
The Information Minister Labaran Maku who briefed State House correspondents after the meeting,said the bills were necessary to support transformation achievements recorded within the last 10 years.
Maku further argued that the bills will prevent anti-trade and monopolistic practices in the Nigerian economy.
He informed that a committee headed by Vice President Namadi Sambo with relevant ministers has been set up to further look at the bills before they are sent to the National Assembly for consideration.
“The Nigerian economy has been undergoing fundamental reforms for the past ten years. These reforms have been aimed at achieving a transition from a state-dominated economy, where all the key sector of the economy are dominated by government parastatals to transit into a market-driven economy that opens all sector of economy to private sector competition.”
“Now in the course of these reforms, a number of government agencies and companies have been privatized in the last ten years or have been opened up for competition. The purpose of the reform is to ensure that where government has constituted a clog in the wheel of progress, particularly in key sectors, we opened them up to ensure increased private sector investments.”
“In the course of these reforms, it has become very clear that unless we undertake serious policy legal framework to ensure competition in the economy, what will happen is that the previous monopoly exercised by government companies or parastatals in the key sectors of the economy will simply be 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 regulates competition in the economy”, the minister stressed.