(a) Explain five reasons why consumers need protection.
(b) State five government legislation aimed at consumer protection.
Explanation
(a) The reasons why consumers need protection include:
(i) Some producers intentionally lower the quality of products that are in high demand in the market. Consumer protection, therefore, ensures that the quality of the products sale does not deteriorate.
(ii) Some advertisements could be misleading. The consumer needs to be given the correct information to enable him/her make the right choice.
(iii) To ensure that the consumer gets the types of goods services he wants, his right to choose should not be unduly restricted.
(iv) To ensure that items offered for sale are uncontaminated and not containing additives that have harmful side effects, it ensures that the goods are not expired, fake or unfit for consumption.
(v) Consumer protection ensures that the quality of the products on sale does deteriorate.
(vi) To ensure that the consumer gets satisfaction and value for the money spent.
(vii) To protect against failure to honour guarantees and warranties.
(b) Government legislation aimed at protecting consumers include:
(i) Foods and Drugs Act
(ii) Trade Description Act
(iii) Weights and Measures Act
(iv) Standard Organization of Nigeria Decree
(v) Price Control Decree
(vi) Rent Tribunals/Rent Edict
(vii) Sale of Goods Act
(viii) Hire Purchase Act.