The Lagos Chamber of Commerce and Industry has called on the Federal Government to urgently stabilise energy prices and strengthen domestic supply, following a renewed rise in inflation that has effectively halted the recent disinflation trend. In a statement issued on Thursday, the chamber cited the latest National Bureau of Statistics data, which showed headline inflation increased to 15.38 per cent in March 2026, up from 15.06 per cent in February, raising fresh concerns about the sustainability of near-term price stability.
According to the LCCI, the rise in inflation was largely driven by increases in food inflation (14.31 per cent), transport costs (16.9 per cent), and core inflation (16.21 per cent), pointing to renewed underlying price pressures within the economy. The chamber expressed particular concern about the role of fuel costs, noting that rising domestic fuel costs, partly influenced by geopolitical disruptions in global energy markets, have intensified cost-push pressures across production, logistics, and distribution value chains. It warned that this inflationary resurgence poses significant risks to business sustainability, consumer purchasing power, and overall economic competitiveness.
To address the situation, the chamber urged the government to prioritise measures that enhance domestic refining capacity, improve supply chain efficiency, and reduce vulnerabilities to global energy price shocks. It added that greater transparency in pricing mechanisms and targeted interventions to stabilise fuel availability are critical in the short term. On food inflation, the LCCI called for urgent action to strengthen agricultural productivity through improved access to inputs, mechanisation, irrigation, and rural infrastructure, while also tackling insecurity in food-producing regions and reducing post-harvest losses.
The chamber noted that rising transport costs are cascading into higher prices across sectors, and called for accelerated investment in roads, rail, and inland waterways, alongside reforms in port operations and taxation. It also highlighted the importance of exchange rate stability, stating that exchange rate volatility continues to drive imported inflation, and recommending sustained efforts to improve foreign exchange liquidity, boost non-oil exports, and restore investor confidence through predictable and transparent FX policies. The LCCI added that promoting local manufacturing through targeted incentives, improved access to credit, and stable policy frameworks will reduce dependence on imports and mitigate exposure to external shocks. The resurgence of inflationary pressures, the chamber stressed, underscores the need for urgent, targeted, and sustained policy responses, with structural issues in energy, food systems, logistics, and foreign exchange key to restoring price stability and supporting economic recovery.
