Transitioning from a Regulated Economy to a Competition Regime: Nigeria as a Case Study

Abstract

This study gives a brief history of the evolution of the Nigerian economy from independence till date taking into account the several milestones towards actualization of a fully liberalized economy devoid of cartels, price fixing and unhealthy competition. Another important aspect of this article will be to dissect several economic policies that successive governments had deployed in Nigeria to ensure stability of the economy. Several economic terms like regulation, privatization, re-regulation, capitalization, indigenization, deregulation and competition are analyzed vis-a-vis the Nigerian economy. This work understudies the Nigerian economy as at today to decipher what economic models it has deployed to ensure a vibrant and robust economy. It places the newly passed competition law on a scale with the current regulatory strategy adopted by government in several sectors of the economy, forecasting its applicability to what is currently obtainable in the country. Bottlenecks and challenges that lie ahead are also identified and possible recommendations made using the experience of advanced economies in competition law.