LCCI Calls For Urgent Action As Inflationary Pressures Resurge

The Lagos Chamber of Commerce and Industry (LCCI) said the resurgence of inflationary pressures underscores the need for urgent, targeted, and sustained policy responses.

The Chamber stressed that addressing structural drivers in energy, food systems, logistics, and foreign exchange will be critical to restoring price stability and supporting Nigeria’s economic recovery.

In a position statement titled, ‘Inflation Rebound, Business Pressure, and Poverty Risks’, the director-general of LCCI, Dr Chinyere Almona, stated that the latest report by the National Bureau of Statistics, which indicates that headline inflation rose to 15.38 per cent in March 2026, up from 15.06 per cent in February effectively halts the recent disinflation trend and raises fresh concerns about the sustainability of near-term price stability.

According to her, from the perspective of the Organised Private Sector, this inflationary resurgence poses significant risks to business sustainability, consumer purchasing power, and overall economic competitiveness.

In light of these developments, the LCCI urged the federal government to take the following urgent and coordinated policy actions: to stabilise energy prices and improve domestic supply; address structural bottlenecks in food supply chains; ease logistics and transportation constraints; enhance exchange rate stability and access to foreign exchange; and support local production and industrial competitiveness.

She explained that the recent escalation in fuel costs remains a major driver of inflationary pressure.

“We urge the government to prioritise measures that enhance domestic refining capacity, improve supply chain efficiency, and reduce vulnerabilities to global energy price shocks.

Greater transparency in pricing mechanisms and targeted interventions to stabilise fuel availability are critical in the short term.

“Food inflation continues to exert significant pressure on household welfare. There is an urgent need to strengthen agricultural productivity through improved access to inputs, mechanisation, irrigation, and rural infrastructure. In addition, addressing insecurity in food-producing regions and reducing post-harvest losses through better storage and logistics systems will help moderate food prices.

The recent approval of amendments to tariffs on some critical food items and agricultural inputs is a good first step, to be followed by other complementary interventions.”

She disclosed that exchange rate volatility continues to drive imported inflation, particularly for manufacturers dependent on imported inputs, saying “we recommend sustained efforts to improve foreign exchange liquidity, boost non-oil exports, and restore investor confidence through predictable and transparent FX policies. With improved FOREX earnings from high crude oil prices, there should be a boost in the supply of foreign exchange for businesses to support critical imports.”