Author: Nigerian Institute Of Advanced Legal Studies
Category: BUSINESS, CORPORATE & COMMERCIAL LAW
Date Published: Monday, 14-January-2019 2:29:09 PM
The role of competition policy in development strategies and the speciﬁc features of institutional design that are most conducive to development have been constant areas of enquiry in development economies. Standard economic theory holds tells us that competitive forces work best and deliver the expected outcomes when there exists a market that is not overridden by distortions. The model of free market economies is a theoretical construct with great historical power. It is the model that is introduced at the beginning of every economics text book and has been canonized with the authority of Adam Smith, the founder of modern economics. Free competition is a fundamental assumption in any market economy and has even been seen as one of the foundations for democratic societies.Competition law in Nigeria is undoubtedly still a novel concept, although several attempts have been made to implement competition law legislation.