In a meeting theme, ‘Price tagging, minimum labelling requirements and Return/Refund policy’, held at the LCCI building in Ikeja, Lagos, the challenges  were delibrated on.

Speaking during the stakeholders’ engagement,  organised by the FCCPC in partnership with LASCOPA, the Executive Vice Chairman of the FCCPC, Mr Tunji Bello, said that in Lagos, which is the commercial centre of Nigeria, millions of transactions take place across its markets, supermarkets, shopping malls, neighbourhood stores, and online platforms daily.

Bello, represented at the event by the South West Coordinator of the FCCPC, Olubumi Otti, said that those transactions drive economic growth, create jobs, and support livelihoods, stressing that they also depend on one essential ingredient: trust.

“Consumers must be confident that the price they see is the price they will pay. They must be able to rely on the information provided about the products they buy. They must also know that where the law gives them the right to a refund, replacement, or repair, that right will be respected,” Bello said.

He stressed that when consumers have confidence in the marketplace, they are more willing to spend because businesses attract loyal customers, and fair competition thrives.

“That is why today’s engagement is so important. We are here to discuss three issues that affect consumers and businesses every single day: price tagging, minimum labelling requirements, and return and refund obligations.

“These may seem like ordinary aspects of doing business, but they play a vital role in building confidence in the marketplace. They help consumers make informed decisions, encourage fair competition, and create a level playing field for businesses that choose to operate responsibly,” he added.

The FCCPC boss reiterated that the purpose of the meeting was not simply to remind businesses of their legal obligations but rather to have an honest conversation about why these obligations matter, how they protect both consumers and businesses, and what could be done to improve compliance.

According to him, the FCCPC has always believed that engagement is more effective than confrontation, adding that businesses are far more likely to comply when the law is clearly explained and expectations are well understood.

“That is why stakeholder engagements such as this remain an important part of our regulatory approach. We expect businesses to deal with us honestly and transparently. Those expectations are not unreasonable. They are recognised and protected by law. Yet, every day, the commission receives complaints that show many consumers still face avoidable problems in the marketplace,” he stressed.

“Bello explained that displaying prices is not simply good business practice; ‘it is a basic requirement of fairness.’ A consumer should know what an item costs before deciding whether to buy it. No one should have to take a product to the checkout before learning its price. Neither should two customers be quoted different prices for the same product simply because a seller believes one can afford to pay more than the other.”

He emphasised that the essence of the gathering is for businesses to understand their responsibilities before problems arise, not after enforcement action becomes necessary.

Earlier, the General Manager of LASCOPA, Afolabi Sholebo, maintained that the gathering signalled a shared conviction that the marketplace must be fair, transparent, and worthy of consumers’ trust.

He pointed out that compliance with pricing regulations, product labelling standards, and consumer redress mechanisms is not a matter of discretion; rather, it is a legal obligation under the Federal Competition and Consumer Protection Act 2018 and the Lagos State Consumer Protection Law 2025, as amended. More than that, it is a hallmark of responsible business practice.

Meanwhile, Engineer Lawal Ismaila of the Standards Organisation of Nigeria [SON] warned consumers against purchasing anything that is not properly labelled in the English language and does not have the SON logo.“If the product is locally manufactured, it should also bear the SON CAP logo,” he added.

Ismaila Lawal explained that product labelling is important because it protects consumer safety, ensures legal compliance and builds consumer trust. “It also provides essential facts so people can use items safely and make smart choices”.