The Federal Competition and Consumer Protection Commission (FCCPC) has collaborated with retail industry to safeguard consumers’ interests, ensure market transparency and promote fair business practices.
The FCCPC also disclosed plans to form a technical committee with the retail council to draft a Memorandum of Understanding (MOU) to protect and promoting consumer interests, eliminate anti-competitive, misleading, and deceptive business practices, as we as resolve consumer-business disputes and foster collaboration among stakeholders.
The acting Executive Vice Chairman of FCCPC, Dr. Adamu Abdullahi disclosed this yesterday in Lagos in a meeting with members of the National Association of Supermarket Operators of Nigeria/Retail Council of Nigeria (NASON /RCN).
He said the meeting is on the expression of commitment to abide by the provisions of Federal Competition and Consumer Protection Act, 2018 (FCCPA) towards enhanced competition and consumer welfare in Nigeria, following price discrepancies and deceptive business practices in the retail industry.
Abdullahi said one pressing concern, particularly in the retail sector, is the issue of price display discrepancies as he referenced a recent incident where a major supermarket in Abuja was sealed due to differing prices at the shelf and the payment desk, which he described as misleading and deceptive.
He also addressed price gouging, noting that while the FCCPC does not regulate prices, it ensures a fair market where businesses can set their own prices competitively.
Abdullahi criticised practices where prices remain high despite favourable changes in the Naira exchange rate, urging retailers to reflect the government’s efforts to stabilise the currency in their pricing.
“Your price on the shelf must be the same price when a person comes to pay for the product that he has picked. So price transparency is of utmost importance to us,” Abdullahi asserted.
Abdullahi acknowledged the complexities of market dynamics and stressed the need for mutual understanding between the government and businesses.
On his part, the Trustees of RCN/NASON and Group Managing Director of SPAR Nigeria, Mr. Haresh Keswani, said the current retail industry in the country, including second-generation retailers, is struggling due to the high cost of compliance, such as paying salaries, taxes, and energy bills, which affects commodity prices.
He added that compliance in Nigeria poses significant financial challenges for retailers, impacting their ability to stay in business.
Keswani also emphasised the need to understand and define the responsibilities of each stakeholder in the retail value chain, including manufacturers, retailers, and consumers.
He emphasised the importance of collaboration and teamwork among all stakeholders in the retail industry to ensure its growth and provide the best value to consumers.
