Business
THE Lagos Chamber of Commerce and Industry, LCCI has urged the Federal Government to adopt urgent and coordinated policy measures to mitigate the impact of the country’s rising inflation rate.
The LCCI Director-General, Dr Chinyere Almona, gave the advice on Thursday in Lagos while reacting to the March inflation figure released by the National Bureau of Statistics (NBS).
Almona noted that the increase from 15.06 per cent recorded in February halted the recent disinflation trend, raising concerns about the sustainability of near-term price stability.
She attributed the renewed price pressures to rising domestic fuel costs, partly influenced by geopolitical disruptions in global energy markets.
She said these economic realities were intensifying cost-push pressures across production, logistics and distribution value chains.
Almona warned that the resurgence of inflation posed significant risks to business sustainability, consumer purchasing power and overall economic competitiveness.
“The LCCI, therefore, urged the Federal Government to adopt urgent and coordinated policy measures to address the situation,” she said.
She called for the stabilisation of energy prices through improved domestic refining capacity, enhanced supply chain efficiency and reduced exposure to global price shocks.
She also demanded the straightening of structural bottlenecks in food supply chains by improving access to agricultural inputs, mechanisation, irrigation and rural infrastructure, while tackling insecurity in food-producing areas.
“Easing logistics and transportation constraints is critical to reducing costs, hence government must accelerate investments in roads, rail and inland waterways, and address inefficiencies in port operations,” she said.
Almona further recommended measures to enhance exchange rate stability and improve access to foreign exchange for businesses, noting that volatility in the foreign exchange market continued to drive import-based inflation.
She also emphasised the importance of supporting local production through targeted incentives, improved access to credit and consistent policy frameworks to boost industrial competitiveness.
“The resurgence of inflationary pressures underscores the need for urgent, targeted and sustained policy responses.
“The ongoing efforts around industrial policy should be accelerated and effectively implemented.
“Addressing structural challenges in energy, food systems, logistics and foreign exchange will be critical to restoring price stability and supporting economic recovery,” she said. (NAN)
A.I
April 16, 2026
Tags: Dr Chinyere Almona Lagos Chamber of Commerce and Industry LCCI