The House of Representatives has stressed the need to address the unscrupulous business practices of foreign multinationals operating in Nigeria.
In a motion presented during the plenary session last week, Babajimi Benson, the lawmaker representing Ikorodu Federal Constituency in Lagos State, called on the Federal Competition and Consumer Protection Commission to promptly address the unfair business practices of some foreign companies in Nigeria.
The lawmaker asserted that Air Peace and Dangote Oil Refinery and Petrochemical Company have been subjected to exploitative dealings by foreign entities, warning that if this continues, it may jeopardize the stability of the Nigerian economy.
“Before the commencement of the Lagos-London route by Air Peace Airlines for below N1 million, foreign airlines like British Airways and Ethiopian Airlines sold their one-way air tickets for as high as N4 million. As soon as Air Peace Airlines commenced the sale of their tickets at a lower price, other airlines dropped their prices far below that of Air Peace Airlines,” Mr Benson lamented on the floor of the Green Chamber last week.
During an interview, Hon. Benson, a prominent APC chieftain, called on the President Tinubu-led administration to take bold steps to protect Nigerian businesses from the harmful effects of unfair competition.
He said, “Unethical practices can lead to a significant loss of government revenue, which affects public expenditure on critical areas like infrastructure, healthcare, and education. Unethical practices involve benefiting from unfair competition.”
