The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to consolidate ongoing macroeconomic reforms as inflation continues to place pressure on businesses and households across Nigeria.
- +LCCI calls for stronger economic reforms as inflation rises to 15.69%
The chamber said manufacturers, Micro, Small and Medium Enterprises (MSMEs), traders, and consumers remain heavily affected by rising operating and living costs.
The chamber said manufacturers, Micro, Small and Medium Enterprises (MSMEs), traders, and consumers remain heavily affected by rising operating and living costs.
LCCI Director-General, Dr. Chinyere Almona, made the call in a statement reacting to the latest inflation report released by the National Bureau of Statistics (NBS), which showed that Nigeria’s headline inflation rate rose to 15.69% in April 2026 from 15.38% in March.
Almona noted that although month-on-month inflation slowed significantly from 4.18% to 2.13%, the pace of price increases remains a major concern for businesses and households.
She added that despite inflation dropping sharply from 26.82% recorded in April 2025, many Nigerians were yet to feel meaningful relief due to weak purchasing power and elevated business costs.
LCCI urged the government to stabilise the foreign exchange market. The chamber called for urgent action to reduce energy and logistics costs. It also stressed the need to strengthen food supply systems and support domestic production.
Almona said stronger policy coordination would be critical to sustaining the moderation in inflation and rebuilding investor confidence.
According to data released by the NBS, Nigeria’s headline inflation increased by 0.31 percentage points year-on-year in April 2026.
The report showed that persistent pressures from food prices, energy costs, and supply chain disruptions continued to drive inflationary trends.
Food inflation rose to 16.06% year-on-year, although significantly lower than the 24.68% recorded in the same period last year.
Almona said Nigeria must adopt productivity-driven reforms and improve infrastructure to achieve long-term price stability.
She also stressed the importance of reducing Nigeria’s exposure to global commodity shocks and geopolitical disruptions.
LCCI called for increased local crude oil production and supply to domestic refineries.
The chamber urged Nigeria to position itself as a major gas supplier to Europe and crude exporter within Africa.
Almona also advocated increased local urea production to strengthen food security amid global supply disruptions.
According to her, geopolitical tensions in the Middle East and disruptions to global energy supply chains continue to threaten economic stability and inflation management efforts.
The NBS attributed the increase in food prices to rising costs of key staples including millet, yam flour, fresh ginger, beef, garri, beans, tomatoes, wheat grain, soybeans, and plantain.
The report also showed that core inflation, which excludes volatile agricultural produce and energy prices, stood at 15.86% year-on-year in April 2026, significantly lower than the 26.05% recorded in April 2025.
The latest inflation figures come amid renewed global commodity price pressures linked to geopolitical tensions in the Middle East and disruptions around the Strait of Hormuz.
