The Lagos Chamber of Commerce and Industry (LCCI) has affirmed that the National Bureau of Statistics’ (NBS) revised Consumer Price Index (CPI) methodology is technically sound, statistically credible, and fully aligned with international best practices. The revision reflects a legitimate correction of base-year distortions following the CPI rebasing exercise and does not constitute any manipulation of inflation outcomes.
By adopting a twelve-month average for 2024 as the base year (2024 = 100), rather than a single-month reference, the NBS avoided artificial inflation spikes often seen after long gaps between base years particularly important given Nigeria’s 15-year shift from the 2009 base. This method strengthens analytical accuracy, preserves policy relevance, and enhances the credibility of inflation measurement.
The December 2025 inflation figures demonstrate a clear slowdown in inflationary momentum. Headline inflation fell from 34.80% in December 2024 to 15.15% in December 2025, while month-on-month inflation more than halved, reflecting a transition from rapid inflation to gradual disinflation rather than an abrupt price reversal.
The sharp decline in food inflation, driven by falling prices of grains, vegetables, garri, beans, and tomatoes, represents significant relief for households and reflects improving supply conditions. Nonetheless, twelve-month average headline inflation remains elevated at 23.01%, with core inflation at 23.49%, underscoring lingering structural pressures from past price shocks.
LCCI urges cautious optimism, noting that while inflation is decelerating, sustained policy discipline is essential. Continued attention to food supply chains, energy reform, transport efficiency, and productivity is critical to consolidating disinflation gains.
The chamber recommends that the government focus on the following measures:
- Strengthen agricultural supply chains to ensure steady availability of key staples and reduce food price volatility.
- Implement prudent fiscal and monetary policies to support productive sectors, allowing the Central Bank to ease lending rates sustainably.
- Enhance export competitiveness and foreign exchange inflows, stabilizing external reserves and supporting Naira appreciation.
- Streamline regulations and improve infrastructure to lower the cost of production, logistics, and trade.
LCCI emphasized that government efforts at all levels must continue to curb inflationary pressures from high energy costs, elevated interest rates, currency depreciation, insecurity, and logistics challenges. Sustaining policies that support agricultural production and fuel supply is essential to cushioning businesses and ensuring stable prices for consumers.
Overall, the LCCI concluded that the NBS CPI revision represents improved measurement, and the December 2025 data reflect genuine economic stabilization, signaling that Nigeria’s economy is cooling and inflationary pressures are easing—though coordinated policy action remains crucial for full recovery.
