consumers

The Federal Competition and Consumer Protection Commission (FCCPC) has instructed supermarkets to clearly display prices on all products to protect consumers from potential exploitation.

In a statement released on Monday, FCCPC Chief Executive Officer Tunji Bello stressed the necessity of price transparency, emphasizing that customers should not be “caught off guard” by undisclosed prices.

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“The Commission has required supermarkets to prominently display product prices on their shelves. This step ensures transparency and prevents customers from discovering prices only after reaching the checkout,” the statement said.

The FCCPC also announced plans to collaborate with market leaders to address concerns about exploitative pricing, especially given Nigeria’s current economic challenges. The commission’s directive is based on several provisions 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 pointed out that, in many instances, prices for both imported and locally produced goods are unreasonably high. “This unfair practice is common in the retail sector, where some market associations engage in price fixing, disadvantaging consumers,” he noted.

Nigeria is currently facing a significant increase in the cost of goods and essential items, driven by inflation rates exceeding 34%, with food inflation reaching 40%. This trend has raised serious concerns about the rising cost of living and its effects on the economy.