The Lagos Chamber of Commerce and Industry Lagos Chamber of Commerce and Industry has raised fresh concerns over Nigeria’s rising inflation, warning that the recent increase could weaken business sustainability, reduce consumer purchasing power, and slow overall economic growth.
The warning came in response to the latest inflation report released by the National Bureau of Statistics, which shows that inflation has resumed an upward trend after a brief slowdown.
đź“Š Inflation Rises Again as Price Pressures Return
Nigeria’s headline inflation rose to 15.38 percent in March 2026, up from 15.06 percent in February.
The Lagos Chamber of Commerce and Industry said this increase effectively ends the recent disinflation trend and raises concerns about short term price stability.
The chamber noted that the rise is mainly driven by food inflation, transport costs, and core inflation, which indicate continued pressure on household and business expenses.
Food inflation stood at 14.31 percent while transport costs rose to 16.9 percent. Core inflation also increased to 16.21 percent.
â›˝ Fuel and Transport Costs Driving Inflation Higher
The chamber linked part of the inflation increase to rising domestic fuel costs, which have been influenced by global energy market disruptions.
It explained that higher fuel prices are pushing up production, logistics, and distribution costs, which eventually reflect in higher consumer prices.
Transport costs were also highlighted as a major factor, with increased logistics expenses raising prices across multiple sectors of the economy.
🏠LCCI Calls for Urgent Government Action
The Lagos Chamber of Commerce and Industry urged the Federal Government to take coordinated policy actions to address inflation and stabilize the economy.
On energy, the chamber called for increased domestic refining capacity, stronger supply chain efficiency, and improved transparency in fuel pricing mechanisms.
It also recommended short term measures to stabilize fuel supply and reduce exposure to global energy shocks.
🌾 Focus on Agriculture to Reduce Food Inflation
To tackle rising food prices, the chamber stressed the need to improve agricultural productivity across the country.
It recommended better access to inputs, mechanization, irrigation systems, and rural infrastructure development.
The chamber also pointed out that insecurity in farming regions and post harvest losses continue to affect food supply and pricing.
đźš› Transport, FX Stability, and Industrial Growth
The LCCI called for major improvements in transport and logistics infrastructure, including roads, rail systems, and inland waterways.
It urged the government to reduce inefficiencies at ports and eliminate multiple taxation and checkpoints that increase the cost of moving goods.
On foreign exchange, the chamber warned that currency volatility continues to drive imported inflation, especially for manufacturers relying on imported raw materials.
It recommended improving FX liquidity, boosting non oil exports, and ensuring a more stable and transparent exchange rate system.
The chamber also emphasized the need to support local manufacturing through credit access, incentives, and stable policy frameworks to reduce dependence on imports.
