The Federal Executive Council in 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.
In a meeting that appeared to be the shortest, lasting for about 30 minutes, the council considered the Federal Competition and Protection Bill and the Nigerian Postal Commission Bills.
The two bills were sponsored by President Goodluck Jonathan.
Briefing reporters after the meeting, the Minister of Information Mr 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.
“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 in key sectors of the economy will be simply repeated by private sector monopoly as people who buy thees companies may block further development of the sector unless you have in place a legal framework that regulate competition in the economy.
“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 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 the Information Minister, while 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.
The committee headed by the Vice President is expected to fine tune the two bills in two weeks’ time before sending same to the National Assembly for consideration and passage into law.
