The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to urgently stabilize energy prices and strengthen domestic supply, following a renewed rise in inflation.
In a statement issued on Thursday and signed by Director General of LCCI, Dr. Chinyere Almona, the chamber cited the latest data from the National Bureau of Statistics (NBS), which showed that headline inflation increased to 15.38% in March 2026, up from 15.06% in February.
“The Lagos Chamber of Commerce and Industry (LCCI) notes with concern the latest report… which indicates that headline inflation rose to 15.38% in March 2026… This development effectively halts the recent disinflation trend and raises fresh concerns about the sustainability of near-term price stability,” the statement said.
According to the LCCI, the rise in inflation was largely driven by increases in food inflation (14.31%), transport costs (16.9%), and core inflation (16.21%), 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 the inflationary trend poses risks to businesses and consumers alike.
“This inflationary resurgence poses significant risks to business sustainability, consumer purchasing power, and overall economic competitiveness,” the LCCI said.
To address the situation, the chamber urged the government to prioritize energy reforms. “We urge the government to prioritize measures that enhance domestic refining capacity, improve supply chain efficiency, and reduce vulnerabilities to global energy price shocks,” it stated, adding that “greater transparency in pricing mechanisms and targeted interventions to stabilize fuel availability are critical in the short term.”
On food inflation, the LCCI said: “There is an urgent need to strengthen agricultural productivity through improved access to inputs, mechanization, irrigation, and rural infrastructure.” It also emphasized the need to tackle insecurity in food-producing regions and reduce post-harvest losses.
Addressing transport costs, 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.
The LCCI 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.”
On industrial growth, it added: “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 chamber added that “the resurgence of inflationary pressures underscores the need for urgent, targeted, and sustained policy responses,” stressing that addressing structural issues in energy, food systems, logistics, and foreign exchange will be key to restoring price stability and supporting economic recovery.