The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over the latest inflation data released by the National Bureau of Statistics Nigeria, which shows headline inflation rising to 15.38% in March 2026, up from 15.06% in February, signalling a halt to the recent disinflation trend.
According to the chamber, the uptick reflects renewed price pressures across key sectors of the economy, driven largely by increases in food inflation (14.31%), transport costs (16.9%), and a rise in core inflation to 16.21%.
The LCCI said the development raises concerns about the sustainability of near-term price stability and poses risks to business operations, consumer purchasing power, and overall economic competitiveness.
It noted that rising domestic fuel costs—linked partly to global geopolitical tensions affecting energy markets—have intensified cost-push inflation across production, logistics, and distribution chains.
In response, the chamber urged the Federal Government to adopt urgent and coordinated policy measures to address structural drivers of inflation.
On energy, the LCCI called for steps to stabilise fuel prices by improving domestic refining capacity, strengthening supply chains, and reducing exposure to global oil price shocks. It also recommended greater transparency in pricing mechanisms and targeted interventions to ensure fuel availability.
To address food inflation, the group emphasised the need to boost agricultural productivity through better access to inputs, mechanisation, irrigation, and rural infrastructure. It also highlighted insecurity in food-producing regions and post-harvest losses as key challenges requiring urgent attention.
The chamber welcomed recent tariff adjustments on some food items and agricultural inputs but said additional complementary measures are needed to sustain price relief.
On transportation, the LCCI called for accelerated investment in roads, rail, and inland waterways, as well as reforms to reduce port inefficiencies, multiple taxation, and checkpoints that increase logistics costs.
It also urged immediate implementation of reduced automotive tariffs for passenger vehicles, arguing that this could help ease transportation pressures over time.
On foreign exchange stability, the chamber warned that exchange rate volatility continues to fuel imported inflation, particularly for manufacturers dependent on imported inputs.
It recommended improved foreign exchange liquidity, increased non-oil exports, and predictable FX policies to restore investor confidence. The LCCI also noted that higher crude oil earnings should translate into improved FX supply for businesses importing critical inputs.
The group further called for stronger support for local production and industrial competitiveness through targeted incentives, improved access to credit, and consistent policy frameworks aimed at reducing import dependence.
The chamber concluded that addressing inflation requires urgent and sustained reforms across energy, food systems, logistics, and foreign exchange markets to restore price stability and support economic recovery.
