At 66, LCCI Urges Federal Government To Cut Cost Of Living, Doing Business

The president of the Lagos Chamber of Commerce and Industry (LCCI), Engr. Leye Kupoluyi, has called for urgent action to lower the cost of living, reduce the cost of doing business and accelerate job-creating growth as Nigeria marks its 66th Independence Anniversary.

The Chamber in its Independence anniversary message on September 30, 2026 reaffirmed its commitment to a prosperous, productive, and private-sector-led economy.

According to the LCCI president, the 66th anniversary provides an important opportunity to reflect on the state of the economy and the conditions confronting businesses, households, and investors.

He recognised that the federal government’s economic reform program has delivered encouraging signs of macroeconomic stabilization, with real GDP growth strengthening, inflation moderating significantly from elevated levels of the previous two years, external reserves improving, and the foreign exchange market becoming more orderly.

Kupoluyi also described the recent reduction in the Monetary Policy Rate to 23 percent as a welcome signal of the authorities’ growing confidence in the disinflation process.

However, the LCCI president stressed that macroeconomic stabilization must ultimately translate into improved welfare, stronger purchasing power, lower production costs, and more jobs, saying that “this remains the critical test of the economic recovery.”

On the high cost of living, Kupoluyi expressed concern that despite the decline in headline inflation, the cost of essential goods and services remains beyond the reach of many households.

He said the problem is not only the rate at which prices are rising, but the high level to which prices have already risen over the past several years.

“Consequently, a moderation in inflation does not necessarily mean that Nigerians are experiencing lower prices. For many households, food, transportation, housing, healthcare, education, and energy continue to absorb an increasing proportion of disposable income,” the LCCI president stated.

He noted that recent increases in petrol and diesel prices, driven partly by developments in the international oil market, have further heightened the risk of renewed cost pressures, with diesel above N2,000 per litre and petrol around N1,400 per litre in parts of the country.

Kupoluyi said for businesses, particularly MSMEs and manufacturers, the operating environment remains challenging due to high costs of electricity, logistics, finance, imported raw materials, regulatory compliance and multiple taxes.

He urged the federal government to implement a targeted package including reducing transportation costs through mass transit and CNG vehicles, strengthening food production and distribution, moderating energy-related costs, protecting workers’ purchasing power, and strengthening targeted social protection for vulnerable households.

The LCCI President concluded that at 66, Nigeria has enormous potential but must move decisively from stabilization to inclusive growth, from consumption to production, and from economic recovery to broad-based prosperity.