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The competition serves as a process of rivalry between establishments seeking to gain sales and make profits which in turn, serves as a driving force behind business markets.
Consequently, it serves as a fulcrum to the operation of markets as it fosters innovation, promotes productivity and growth.
This ultimately creates wealth for the general economy.
It is undoubtedly important that the business market remains fair and efficient in order to support the development of the private sector and bolster economic growth.
Although business markets operate reasonably well most of the time, healthy competition does not come by default and can be adversely affected by unsuitable legislation and anti-competitive conduct by establishments.
Even worse, it is often extremely difficult to identify where there is weak competition and it is not any easier to foster economic growth.
Kola is an avid and qualified legal practitioner in Nigeria, with a Masters in Maritime Law from City University of London, England.
He has decent expertise in diverse areas of law which include admiralty, corporate, business, human rights, and intellectual property law.
He continues to make publications on various aspects of legal practice.
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