The Director-General, Consumer Protection Council, Mr. Babatunde Irukera, has taken the advocacy for improved consumer protection to the world stage, where he emphasises the need to regulate the ways of competing for the large Nigerian market.
“It is a key, and an invaluable tool for regulating markets and consumer protection,” he
said.
The DG, who spoke at the United Nations Conference on Trade and Development, UNCTAD, Geneva, Switzerland, called on world leaders and global industry players to facilitate the regulation of competition, stating, “By so doing, it promotes innovation, small businesses and adds value to
money.”
“A well regulated competitive market is what creates entrepreneurs, create jobs,” he said, adding that “it promotes an economy whose growth is not just in indices
and numbers, but one that provides jobs and truly moves many from poverty to prosperity. This is what competition does! It is the catalyst for a competitive
economy.”
He said the implications of failing to regulate competition in a large, vibrant and loyal market like Nigeria was “tragic,” adding that the absence of broad competition regulation discouraged innovation, start-ups and market entry, but encouraged operator conspiracy and
collusion.
