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ABSTRACT
Before the 19th century in Nigeria, our forefathers traded with cowries and gold through the barter system. Some exchanged foodstuffs for labour or clothing. Under this system, natural resources were not exploited but utilized to meet the needs of the society, power was not concentrated in hands of a few rich persons and there was no issue of over production or under production.
However when civilisation came into Nigeria, business owners became selfish and inefficient. Though they were some products with quality standards, especially imported products, they found other products that were defective and poorly packaged. This and other reasons like improvement of the economy inspired and propelled the National Assembly into creating the Consumer Protection Act 2004. However, the few rich persons were still controlling the economy with their monopolistic power and dominant advantage.
They made agreements that will favour them without considering whether the consumers will get standard products. They also were not interested in the growth of the economy. This led to the enactment of the Federal Competition and Consumer Protection Act 2018.
