By: Tijani Salako.

The Lagos Chamber of Commerce and Industry (LCCI) has raised fresh concerns over mounting economic pressures following a rebound in Nigeria’s inflation rate, warning of increased risks to businesses, household welfare, and overall economic stability.

The statement was signed by the Director-General of the chamber, Chinyere Almona, cited the latest data from the National Bureau of Statistics (NBS), which showed that headline inflation rose to 15.38 per cent in March 2026, up from 15.06 per cent recorded in February.

The LCCI said the development effectively halts the recent disinflation trend and casts doubt on the sustainability of short-term price stability.

According to the chamber, the uptick in inflation was largely driven by increases in food inflation, which stood at 14.31 per cent, transport costs at 16.9 per cent, and a rise in core inflation to 16.21 per cent. It noted that higher domestic fuel prices, partly linked to geopolitical disruptions in global energy markets, have intensified cost pressures across production and distribution chains.

“The inflationary resurgence poses significant risks to business sustainability, consumer purchasing power, and the competitiveness of the Nigerian economy,” the chamber stated.

From the perspective of the organised private sector, the LCCI stressed the need for urgent and coordinated policy responses to address the situation.

It called on the Federal Government to stabilise energy prices by improving domestic refining capacity, strengthening supply chains, and enhancing transparency in fuel pricing mechanisms.

The chamber also highlighted the persistent challenge of food inflation, urging authorities to tackle structural bottlenecks in agricultural production. It recommended improved access to inputs, mechanisation, irrigation, and rural infrastructure, alongside efforts to curb insecurity in food-producing regions and reduce post-harvest losses.

On transportation, the LCCI advised the government to accelerate investments in roads, rail, and inland waterways, while addressing inefficiencies in port operations and reducing multiple taxation and checkpoints that increase logistics costs.

The chamber further emphasised the importance of exchange rate stability, noting that foreign exchange volatility continues to drive imported inflation, particularly for manufacturers reliant on imported inputs. It urged measures to boost forex liquidity, increase non-oil exports, and restore investor confidence through transparent policies.

In addition, the LCCI called for stronger support for local production through targeted incentives, improved access to credit, and consistent industrial policies to reduce dependence on imports.

“The resurgence of inflationary pressures underscores the need for urgent, targeted, and sustained policy responses,” the statement added.