The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over the latest inflation data released by the National Bureau of Statistics, which showed that Nigeria’s headline inflation rose to 15.38% in March 2026, up from 15.06% in February.
The chamber said the increase signals a disruption of the recent disinflation trend and raises concerns about the sustainability of price stability in the near term.
According to the report, the uptick was driven largely by rising food inflation at 14.31% and transport costs at 16.9%, while core inflation also climbed to 16.21%.
The LCCI noted that the increase reflects renewed underlying cost pressures across the economy, particularly from energy and logistics challenges.
It identified rising domestic fuel costs—linked partly to global geopolitical tensions and disruptions in energy markets—as a major driver of cost-push inflation affecting production, transportation, and distribution chains.
The chamber warned that the inflationary rebound poses risks to business sustainability, household purchasing power, and overall economic competitiveness.
In its response, the LCCI urged the Federal Government to implement urgent and coordinated policy measures to address structural inflation drivers.
It called for improved domestic energy supply and stronger refining capacity to reduce exposure to global fuel price shocks, along with more transparent pricing mechanisms in the downstream sector.
The chamber also stressed the need to strengthen agricultural productivity to curb food inflation, citing improved access to inputs, irrigation, mechanisation, rural infrastructure, and enhanced security in farming communities.
It further noted that reducing post-harvest losses through better storage and logistics systems would help stabilize food prices.
On transport costs, the LCCI recommended accelerated investment in roads, rail, and inland waterways, alongside reforms to reduce inefficiencies at ports and eliminate multiple taxation and checkpoints affecting goods movement.
It also urged the immediate implementation of automotive tariff reductions to help ease transportation costs.
On foreign exchange stability, the chamber called for improved liquidity in the FX market, stronger non-oil exports, and more predictable policy frameworks to restore investor confidence and reduce imported inflation pressures.
The LCCI also emphasized the need to support local manufacturing through targeted incentives, improved access to credit, and stable industrial policies to reduce import dependence.
The chamber said sustained crude oil revenues should be leveraged to boost foreign exchange supply for critical imports.
It concluded that addressing inflation requires urgent, targeted, and sustained reforms across energy, food systems, logistics, and foreign exchange management to restore macroeconomic stability and support economic recovery.
