The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to deepen and consolidate ongoing macroeconomic reforms, warning that persistent inflation continues to strain businesses, households, and supply chains across Nigeria.
The chamber said manufacturers, Micro, Small and Medium Enterprises (MSMEs), traders, and consumers remain under significant pressure from rising production and living costs, even as recent data shows some moderation in the pace of price increases.
The appeal follows the latest inflation report from the National Bureau of Statistics (NBS), which showed headline inflation rising to 15.69% in April 2026 from 15.38% in March.
“Inflation continues to weigh heavily”
Reacting to the figures, LCCI Director-General, Dr. Chinyere Almona, said the slowdown in month-on-month inflation does not yet translate into meaningful relief for the real economy.
“The chamber observes that inflation continues to weigh heavily on manufacturers, MSMEs, traders and consumers, through rising costs of food, transportation, energy and logistics,” she said.
She added that while month-on-month inflation eased from 4.18% to 2.13%, price levels remain elevated, keeping pressure on business margins and household purchasing power.
Almona also pointed to disparities in regional inflation trends, noting that rural inflation, which stood at 16.36%, reflects deeper structural challenges.
“The higher rural inflation rate of 16.36% also highlights ongoing supply chain disruptions, insecurity in food-producing areas and weak distribution infrastructure,” she noted.
Although inflation has fallen significantly from the 26.82% recorded in April 2025, she stressed that many Nigerians are yet to experience real relief due to weak income growth and high operating costs.
Call for FX stability, energy reform, and food security push
The LCCI urged the government to prioritise foreign exchange market stability, reduce energy and logistics costs, and strengthen domestic production systems to curb inflationary pressures.
Almona argued that sustained improvements in price stability will require structural reforms rather than short-term interventions.
“The LCCI reiterates that durable price stability can only be achieved through productivity-driven reforms, improved infrastructure, enhanced food security and a more business-friendly operating environment,” she said.
The chamber also called for increased local crude oil production and improved supply to domestic refineries, alongside efforts to position Nigeria as a major gas exporter within Africa and to Europe.
It further advocated expanded local urea production as a strategic input for strengthening agricultural output and food security amid global supply disruptions.
Inflation drivers and economic context
According to the NBS, inflationary pressures in April were driven largely by rising food and energy costs, as well as continued disruptions in supply chains.
Food items such as millet, yam flour, fresh ginger, beef, garri, beans, tomatoes, wheat grain, soybeans, and plantain were identified as key contributors to price increases.
The report also showed that core inflation—which excludes volatile agricultural produce and energy—stood at 15.86% year-on-year, down significantly from 26.05% in April 2025.
On a broader level, the twelve-month average Consumer Price Index eased slightly to 19.16% from 19.33% a year earlier, while urban inflation stood at 15.40% compared to rural inflation at 16.36%.
The LCCI also highlighted external risks, noting that geopolitical tensions in the Middle East and disruptions around the Strait of Hormuz continue to pose threats to global energy supply chains and inflation management efforts.
“Productivity-driven reforms are essential”
Reinforcing its policy stance, the chamber said Nigeria must shift toward productivity-led growth, stronger infrastructure, and improved food system efficiency to achieve sustainable price stability.
The statement underscores a broader concern within the private sector: that while inflation may be moderating on paper, structural cost pressures continue to erode business confidence and slow real economic relief.