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Nigeria: Lagos state threatens to shut supermarkets over non-disclosure of price tags

Published

9 months ago

April 7, 2024

The Consumer Protection Agency (LASCOPA) of Lagos state, Nigeria, has told grocery stores and supermarkets across the state that they needed to put price tags on all of their goods. If they did not comply, the agency could shut down the businesses, it said.

According to a statement from the Lagos State Government’s official website, the change is part of an effort to make things more clear and protect consumers from possible price gouging.

The goal of this project is to avoid confusion and trouble at the point of sale, making the shopping experience clearer and more pleasant for customers.

“The Lagos State Consumer Protection Agency (LASCOPA) has issued a stern warning to supermarkets and grocery stores within the state regarding the non-disclosure of price tags on products.

“LASCOPA’s warning aims to ensure transparency and protect consumers from potential price exploitation as non-disclosure of price tags can lead to misunderstandings and inconvenience at the point of sale,’’ the statement read in part.

The General Manager of LASCOPA, Mr. Afolabi Solebo, made it clear that products without price tags violate customer rights and the Lagos State Customer Protection Agency Law, adding that this lack of openness makes it hard for people to make smart buying choices.

Solebo also said that these actions are directly against the Consumer Protection Act, which says that prices for goods and services must be displayed so that people can make smart decisions. He also told people in Lagos to tell LASCOPA about any places that didn’t follow the rules for price tags.

Related Topics:Featured Lagos Nigeria Supermarkets

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IMF, Egypt reach agreement for fourth review of Egypt’s $1.2 billion loan request

Published

10 hours ago

December 26, 2024

Ifeoluwa Dada

Egypt and the International Monetary Fund (IMF) have reached a staff-level agreement over the fourth review of the Extended Fund Facility arrangement, which might lead to a $1.2 billion payout under the program.

In March, Egypt, struggling with rising inflation and cash shortages, consented to the $8 billion, 46-month facility. Its economic problems were made worse by a precipitous drop in Suez Canal revenue over the last year due to regional tensions.

Over the next two years, Egypt’s government has committed to raising its tax-to-revenue ratio by 2% of GDP, according to the IMF, emphasising removing exemptions rather than raising taxes.

According to a statement from the IMF, this would allow it to expand social expenditure to support vulnerable populations.

“While the authorities’ plans to streamline and simplify the tax system are commendable, further reforms will be needed to enhance domestic revenue mobilization efforts,” the statement said.

According to the IMF statement, Egypt had also committed to maintaining its commitment to a flexible currency rate and to taking more urgent action to guarantee that the private sector became the primary driver of development.

The IMF’s executive board still has to accept the fourth review’s staff-level agreement.

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Libya’s eastern govt accepts petrol subsidy elimination

Published

10 hours ago

December 26, 2024

Ifeoluwa Dada

In a recent statement, the eastern government of Libya claimed it had reached a consensus on a plan to eliminate gasoline subsidies and would draft a mechanism to carry out the accord.

Additional information on the idea was not released by the administration led by Osama Hamad, a challenger to the internationally acknowledged Tripoli-based government.

However, it is uncertain if Hamad’s government would be able to carry out the plan in the divided nation.

According to the Global Petrol Prices online tracker, a litre of gasoline costs just 0.150 Libyan dinars ($0.03) in OPEC member Libya, making it the second-cheapest in the world.

Following an uprising against former ruler Muammar Gaddafi in 2011, smuggling networks have thrived in the ensuing political unrest and armed fighting. In 2014, conflicting eastern and western governments separated the nation.

A World Bank analysis estimates that the annual value of fuel smuggling from Libya is at least $5 billion.

In a meeting with Mari Barrasi, the deputy governor of the Central Bank of Libya (CBL), located in Tripoli, and four members of the bank’s board of directors, Hamad in Benghazi supported the idea of removing subsidies.

The CBL’s Benghazi branch offices served as the venue for the conference.

The eastern parliament appointed Hamad in 2023 to succeed Abdulhamid Dbeibah, who had been put in position in 2021 under a U.N.-backed procedure that the parliament said had lost its legitimacy.

Dbeibah, who is located in Tripoli, stated in January that he will conduct a public poll on the topic of eliminating gasoline subsidies, but he hasn’t done anything about it since.

According to CBL figures, gasoline subsidies cost 12.8 billion Libyan dinars between January and November of this year. 4.8 Libyan dinars to $1 is the official exchange rate.