FG Plans New Bill to Curb Undue Competition in The Economy

FG Plans New Bill to Curb Undue Competition in The Economy

Abuja — The federal Government is to promulgate a new “Competition, Anti-Trust and Consumer Protection Bill” that would curb the activities of undue competition in the economy.

President Goodluck Jonathan who stated this while addressing the 12th meeting of the Honorary International Investors Council, HIIC, yesterday, at the Banquet Hall of the Presidential Villa said the Bill was part of government’s plan to promote positive business climate in the country, adding that government was committed to providing a more investor-friendly business environment.

According to the president,  the Federal Government has engaged the services of the Organisation for Economic Cooperation and Development, OECD, for the development and application of the Nigerian Policy Framework for Investments.

He said: “Only recently, I approved the setting up of the Nigerian National Competitiveness Council in line with the recommendation of the World Economic Forum. This council shall be the focal body responsible for creating awareness on national competitiveness in the country and coordinating the efforts of both the public and private sectors to improve Nigeria’s competitiveness.”

Jonathan said the body would also be charged with the responsibility of recommending relevant policies and proactively monitoring and evaluating the progress being made at the national and sub-national levels.

He noted: “Our transformation agenda is, therefore, about turning Nigeria’s huge potential into developmental realities. There is now an increased focus on diversification of our economy away from almost total dependence on oil and attraction of investments into critical sectors.”

“We have commenced a rigorous investment climate reform programme, with the support of key international development partners.”

As part of the process of ensuring that the country was conducive for investors,  the government has reformed its visa policy in order to ensure that   “authentic investors are not only assured of easy processing of visas in their home countries, they can also actually procure same at the point of entry into Nigeria.”

Business visas can now be obtained for much longer terms”

On the issue of security,the president said the capacity of security agencies are being improved to fight crime and defeat terrorism.

“We have also strengthened coordinated joint action between our security agencies and their counterparts abroad.

“the recent overhaul of our security team should herald a fresh approach towards frontally tackling our security challenge in all its ramifications” he said.

Source: Naija.ng

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