Business
THE House of Representatives yesterday asked the Federal Competition and Consumer Protection Commission, FCCPC, to immediately halt the unfair business practices perpetrated against Air Peace, Dangote and other businesses by certain foreign businesses operating in Nigeria.
It also mandated the committees on aviation, commerce, and petroleum (upstream and downstream) to investigate the circumstances surrounding the predatory pricing practices and unethical business competitive behaviours by foreign airlines and IOCs.
The resolutions were sequel to a motion moved on the floor of the House by Babajimi Benson at plenary in Abuja.
Moving the motion, Benson noted that Nigerian businesses operate in the international sphere and compete with similar business ventures operating in Nigeria; adding that international business ethics and standards, such as the United Nations Global Compact, “OECD Guidelines for Multinational Enterprises, and ISO 26000 for social responsibility, among others, required businesses to operate in a fair, healthy, and efficient manner while ensuring competitive trade practices in the operation of their businesses at home and abroad.
He further noted that to ensure this practice, the Federal Competition and Consumer Protection Act,2018 was enacted to curb restrictive and unfair business practices capable of leading to distorted competition or flagrant abuse of dominant market power in Nigeria.
According to him, a fair and healthy competitive market promotes economic efficiency. It protects the interest and welfare of consumers by providing wide options of high-quality products and services at competitive prices.
Benson explained further that some Nigerian businesses had suffered harsh and unfair competition and business relations with their foreign business counterparts.
He added that before the commencement of the Lagos-London route by Air Peace below N1 million, foreign airlines such as British Airways, Ethiopian Airlines, Virgin Atlantic, etc. sold their one-wayair tickets for as high as N4 million.
He said: “As soon as Air Peace commenced the sale of its tickets at a lower price, other airlines dropped their prices far below that of Air Peace, supposedly with the intention of frustrating Air Peace’s London route operations.“ – vanguard
A.I
July 03, 2024 @ 06:15 GMT|
Tags: Air Peace Babajimi Benson Dangote
