WHEN MARKET SUCCESS BECOMES MARKET DOMINANCE OR ABUSE OF POWER: BALANCING BUSINESS GROWTH, FAIR COMPETITION AND CONSUMER PROTECTION IN NIGERIA

Abstract

A business environment where one or more dominant firms engage in conducts that are exclusionary of other competitors and exploitative of the consumers is noxious, encourages abuse of dominant position and breeds unhealthy competition. The need to check such unfair market practices led to the enthronement of competition law. The core objective of competition law is the prevention of unfair market practices and protection of consumers. To achieve that aim, the law provides for healthy competition in the markets at all levels, prohibits exploitative pricing and establishes legal framework for redress. This paper examines when market success becomes market dominance and abuse of power, and how competition law can prevent unfair market practices and protect consumers in Nigeria. The methodology adopted is doctrinal and comparative. The finding is that there exists a legislation and a regulatory framework on the subject in Nigeria which has proved helpful in regulating market practices. However, a robust legislative and regulatory framework that not only addresses the already identified unfair market practices but also creates sufficient room for innovative provisions that are adaptable to the ever-changing nature of the markets, will ensure that the law effectively plays its pivotal role in maintaining the delicate balance between business growth, fair competition and consumer protection in Nigeria.