EXAMINATION OF THE LEGAL FRAMEWORK FOR COMPETITION AND CONSUMER PROTECTION IN NIGERIA

Abstract

Markets have been in existence all over the world for centuries as points of exchange for value. They represent a platform where the invisible hand can draw and design while humans 'look on'. Markets involve goods (and services) and those goods come from an antecedent process- production or manufacture by a firm. The firm is an important unit of economic analysis, in the sense that it supplies goods to individuals and the individuals in turn supply it with labour.1 A market is an indispensable part of the economy but one that cannot be allowed to function without the appropriate amount and form of regulation by the Government. The theory of government intervention is premised on the idea that there is need to regulate the market by a party for efficiency and oversight, since, if the market is left unchecked. the consumers will not be adequately protected.2 This study examines the attendant issues.