- The FCCPC also announced plans to engage with market leaders to address concerns over exploitative pricing
The Federal Competition and Consumer Protection Commission (FCCPC) has directed supermarkets to clearly display prices on all products, aiming to protect consumers from potential exploitation.
In a statement issued on Monday, FCCPC Chief Executive Officer Tunji Bello emphasized the importance of price transparency, highlighting that customers should not be “ambushed” by undisclosed prices.
“The Commission has mandated supermarkets to visibly display the prices of products on their shelves. This measure ensures transparency and prevents situations where customers discover prices only after payment at the counter,” the statement read.
The FCCPC also announced plans to engage with market leaders to address concerns over exploitative pricing, particularly in light of Nigeria’s current economic challenges. The commission’s decision is based on several sections of the Federal Competition and Consumer Protection Act (FCCPA) 2018.
Bello acknowledged the impact of the exchange rate on the value of the Naira but noted that in many cases, prices for both imported and locally produced goods are excessively high. “This unfair practice is prevalent in the retail sector, where some market associations engage in price fixing at the expense of consumers,” he added.
Nigeria is currently grappling with a surge in the cost of goods and essential items, driven by soaring inflation rates that have exceeded 34%, with food inflation reaching 40%. This trend has raised significant concerns about the rising cost of living and its impact on the economy.