AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
The Federal Competition and Consumer Protection Act requires a displayed price for goods on sale and bars charging more than the displayed price, so shelf labels and price lists must change before the till price does. Its pricing sections do not set a notice period, but regular and account customers should get written notice, often two to four weeks as a matter of practice, stating what changes, by how much, from when and what they can do before then. A written contract with fixed prices overrides all of this until it allows a change.
What the law requires
Section 115 of the Federal Competition and Consumer Protection Act 2018 (FCCPA) says a business must not display goods or services for sale without adequately displaying a price, in Nigerian currency, on the goods, their packaging or shelving, or in a catalogue or similar publication. It also says a consumer must not be required to pay more than the displayed price, and where more than one price is displayed, the consumer pays the lowest.
In February 2024 the FCCPC temporarily sealed an Abuja fast-moving consumer goods store after finding shelf prices lower than checkout prices, citing s.115, and reopened it the same evening once the store committed to transparent pricing. The lesson for any price rise: change every label, menu and online listing before, not after, the till.
Section 123 adds that a trader must not make false or misleading representations about price, including comparisons with an earlier price. A "was ₦X, now ₦Y" sign must be true. Neither section sets a notice period for a rise. If you have a written supply contract, its terms on price changes govern until it lets you change them.
How much notice to give
| Customer type | Practical notice | How |
|---|---|---|
| Walk-in retail | Change labels before selling at the new price | Shelf labels, menu boards, website |
| Regular trade or account customers | Two to four weeks, as practice | Letter, email or WhatsApp to the named contact |
| Customers on a written contract | Whatever the contract says | In writing, citing the clause |
| Subscriptions or monthly retainers | Before the next billing cycle | Written notice with the new invoice amount |
| Open quotes | Honour until the quote's expiry date | Mark new quotes with the new price and a validity date |
Customers are not surprised that costs rise. The NBS consumer price index for September 2026, released on 15 October, put headline inflation at 14.63% year on year and food inflation at 19.59%. Check the latest release before quoting a figure, but a short, factual reason is easier to accept than silence.
What to say
- Lead with the change: which items, the old and new price, and the date.
- Give one plain reason, such as higher supplier, transport or energy costs. Do not invent one.
- Say what stays the same: quality, delivery days, payment terms.
- Offer a choice where you can: order at the old price before the date, a smaller pack, or a bulk rate.
- Give a named contact for questions.
- Thank them, briefly. Do not apologise at length; it invites haggling over whether the rise is justified.
A notice you can copy
Dear [customer name], From [date], our prices for [products or services] will change. [Item]: from ₦[old] to ₦[new]. [Item]: from ₦[old] to ₦[new]. Other items are unchanged. The change follows increases in [supplier, transport or energy] costs over the past [period]. Our [quality, delivery schedule and payment terms] remain the same. Orders placed and paid for before [date] will be supplied at the current prices. If you would like to discuss volumes or a different pack size, please contact [name] on [phone or email]. Thank you for buying from us. [Your name], [Business name]
Short version for WhatsApp or a shop sign
Price update from [date]: [item] ₦[new] (was ₦[old]). Orders paid before [date] at current prices. Questions: [name, number]. Thank you for your custom.
Only use "was ₦X" if that was the real price you charged; s.123 covers price comparisons.
Timing and follow-through
- Avoid announcing on the day of the change; give regulars time to plan.
- Change all prices on one date rather than in drips; one clear rise is easier to explain than four small ones.
- Brief staff on the reason and the options so every customer hears the same answer.
- Update price lists, invoices and online listings the same day as shelf labels.
- Watch volumes for a month after the change and talk to any large customer who goes quiet.
If supplier costs move every week, read pricing when supplier costs change weekly first, and see pricing groceries when costs keep rising and raising spend per customer without cutting prices.
Handling pushback
- Listen first. Ask what the customer is comparing you with before defending the price.
- Hold the price for everyone; a quiet discount to the loudest customer becomes your new price for all of them.
- Trade, do not give: a lower unit price in return for a larger order, a longer commitment or faster payment.
- Keep a note of objections. If many customers raise the same point, the problem may be the size of the rise or the timing, not the fact of it.
- If you lose a customer over price, check whether they were profitable at the old price before chasing them back.
Where Pryme fits
On a Pryme Business Account, the Sales agent can prepare the notice for each customer list, and the Customer Support agent can draft consistent replies to questions; a person approves before anything is sent above the ceiling you set.
Questions people ask
How much notice should I give before increasing prices in Nigeria?
The FCCPA's pricing sections do not set a period. Change displayed prices before charging the new price; give regular and account customers written notice, often two to four weeks in practice; follow any contract terms.
Can a shop charge more than the shelf price in Nigeria?
No. Section 115 of the FCCPA says a consumer must not be required to pay more than the displayed price, and where several prices are shown, the lowest applies.
How do I write a price increase letter to customers?
State the items, old and new prices and the date first, give one honest reason, say what stays the same, offer a choice such as ordering before the date, and name a contact.
Should I apologise for a price increase?
A short thank-you is enough. A long apology suggests the rise is not justified and invites negotiation.
Sources
- Federal Competition and Consumer Protection Act 2018, s.115 (LawGlobal Hub) · accessed Oct 2026
- FCCPC: FCCPC acts on deceptive pricing at fast-moving consumer goods store (17 Feb 2024) · accessed Oct 2026
- Federal Competition and Consumer Protection Act 2018, s.123 (LawGlobal Hub) · accessed Oct 2026
- Voice of Nigeria: Nigeria's headline inflation drops to 14.63 per cent (NBS CPI September 2026, 16 Oct 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.