The Federal Competition and Consumer Protection Commission has ordered supermarkets to put prices on their displayed products.
This is in a bid to ensure that customers are not exploited.
This was disclosed in a statement signed by the FCCPC Chief Executive Officer, Tunji Bello on Monday.
According to the statement, it became important to prevent customers from being ‘ambushed’.
The Commission has mandated the operators of supermarkets to visibly display the prices of products displayed on their shelves to shoppers for transparency and avoid an ambush situation where they only get to know of the prices after payment would have been made at the counter and receipt issued, it said.
The FCCPC also revealed plans to engage market leaders in tackling issues of exploitative prices of goods.
The commission noted that its decision was pursuant to Sections 17(1) (s),116 (2),124,125,138 and 155 of the Federal Competition and Consumer Protection Act (FCCPA) 2018.
Bello said, “While it is recognized that the exchange rate has impacted the value of the Naira, it is however observed that prices charged are, in most cases, disproportionate for imported products and excessive for locally produced ones.
“This unfair practice is prevalent in the retail segment of the distribution chain where some market associations are engaged in price fixing at the expense of consumers,” it said.
Nigeria is experiencing a surge in the cost of goods and essential items, sparking growing concerns among citizens. The escalating prices have been attributed to the country’s soaring inflation rate, which has exceeded 34%, with food inflation reaching a staggering 40%.
This trend has raised alarms about the increasing cost of living and its impact on the economy.