By: Tijani Salako.

The Lagos Chamber of Commerce and Industry has called for stronger fiscal and monetary reforms following the rise in Nigeria’s headline inflation rate to 15.69 per cent in April 2026 from 15.38 per cent recorded in March.

This was disclosed in a press statement signed by the Director-General of the Lagos Chamber of Commerce and Industry, Chinyere Almona, who noted that inflation continues to weigh heavily on manufacturers, Micro, Small and Medium Enterprises (MSMEs), traders and consumers through rising costs of food, transportation, energy and logistics.

The statement noted that although the increase in headline inflation reflects persistent cost pressures across the economy, the moderation in month-on-month inflation from 4.18 per cent to 2.13 per cent signals a gradual easing in the pace of price increases and offers cautious optimism for businesses and households.

According to the chamber, the higher rural inflation rate of 16.36 per cent further highlights ongoing supply chain disruptions, insecurity in food-producing areas and weak distribution infrastructure.

Almona stated that although inflation has declined significantly from the 26.82 per cent recorded in April 2025, businesses and households are yet to experience meaningful relief as purchasing power remains weak and operating costs remain elevated.

The chamber therefore urged the Federal Government to consolidate ongoing macroeconomic reforms by stabilising the foreign exchange market, addressing energy and logistics costs, improving food supply systems and strengthening support for domestic production and private sector investment.

LCCI also called for stronger coordination between fiscal and monetary authorities to sustain the moderation in inflation and restore investor and consumer confidence in the economy.

The chamber reiterated that durable price stability can only be achieved through productivity-driven reforms, improved infrastructure, enhanced food security and a more business-friendly operating environment.

It further stressed the need for long-term strategies to shield the economy from external shocks arising from global energy crises, supply chain disruptions and trade wars.

According to the statement, Nigeria has an opportunity to reposition its oil and gas sector as a major gas supply hub to Europe and a net oil exporter to African countries, while also boosting local urea production to strengthen food security amid global supply disruptions linked to the Middle East crisis.

The chamber added that Nigeria needs an indigenous strategy to boost crude oil production and increase crude supply to local refineries in order to reduce the nation’s fuel import bill.