ABSTRACT
A certain means of improving the Nigerian socio-economic environment is through the introduction of healthy laissez faire, free market economy, and competitive economic environment that is strongly rooted equal and easy access to raw materials, workforce, imported raw materials and machineries for production and distribution that would be available to all businesses and manufacturers. There must be rules that eschew nepotism, monopoly, and/or oligopoly. History has always shown that research, development, and innovation thrive in an economic environment founded on freedom, equality and unhindered capacity. This work, therefore, examines and appraises the rules and regulations that have been instituted to encourage healthy competition and forestall antitrust practices among Nigerian businesses. Further, it proffers suggestions for improvement of the Nigerian antitrust rules, in view of multiplicity of legislation covering similar/ identical subject matters. This work reviews the efficacy of the rules promoting competition, within the context of the Nigerian telecommunication sector, and argues for harmonization of all legislation prohibiting anti-trust acts, in order to set definite and coherent standards for all stakeholders. The work further examines the need for necessary reforms that would discourage anti-trust practices and help to achieve the Nigerian government’s goal of attracting foreign investment. In addition, the author looks at the expeditious passage of the Federal Competition Commission Bill 2005 (FCCB) and the setting up of the Federal Competition Commission (FCC), whose aim is to regulate, prevent and punish anti-competitive practices, regulate Mergers, Takeovers and Acquisitions, and protect regulated industries, in every sector and location in Nigeria. In the end, the accompanying suggestions for reform will invariably impact Nigeria’s economic, social, and political competitiveness at the global stage.