LCCI Calls For Forex Stability, Lower Energy Costs Amid Inflation Rise

The Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to stabilise the foreign exchange market and reduce energy and logistics costs as Nigeria’s headline inflation rate rose slightly to 15.69 per cent in April 2026 from 15.38 per cent recorded in March.

In a statement titled, “April 2026 Inflation Signals Fragile Economic Recovery,” the Director-General of LCCI, Dr. Chinyere Almona, said although the pace of price increases appeared to be slowing, inflationary pressures were still weighing heavily on businesses and households.

According to her, the moderation in month-on-month inflation from 4.18 per cent to 2.13 per cent offers cautious optimism, but rising costs of food, transportation, energy, and logistics continue to affect manufacturers, Micro, Small and Medium Enterprises (MSMEs), traders, and consumers.

She also expressed concern over the higher rural inflation rate of 16.36 per cent, attributing it to persistent supply chain disruptions, insecurity in food-producing areas, and weak distribution infrastructure.

Almona noted that despite the significant drop from the 26.82 per cent inflation rate recorded in April 2025, many Nigerians and businesses were yet to feel meaningful relief due to weak purchasing power and high operating costs.

“The LCCI urges government to consolidate current macroeconomic reforms by stabilising the foreign exchange market, addressing energy and logistics costs, improving food supply systems, and strengthening support for domestic production and private sector investment,” she said.

She further called for stronger coordination between fiscal and monetary authorities to sustain the gradual moderation in inflation and restore investor and consumer confidence.

The Chamber stressed that achieving durable price stability would require productivity-driven reforms, improved infrastructure, enhanced food security, and a more business-friendly operating environment.

Almona also urged the country to adopt long-term economic strategies to cushion the impact of global crises, including energy supply disruptions and trade tensions.

According to her, Nigeria has an opportunity to reposition its oil and gas sector as a major gas supply hub to Europe and a net exporter of oil to African countries.

She added that disruptions in the global supply of urea caused by the Middle East crisis underscored the need for Nigeria to strengthen local urea production to support food security.

The LCCI boss also advocated increased crude oil production and greater supply to local refineries as part of efforts to reduce the country’s fuel import bill.