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

Published

8 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 mission concludes 4th loan program assessment in Egypt

Published

3 days ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

5 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.