By RUKAYAT MOISEMHE

The Lagos Chamber of Commerce and Industry (LCCI) on Saturday urged government to consolidate the ongoing macroeconomic reforms, as inflation continued to weigh heavily on manufacturers.

It listed Micro, Small and Medium Enterprises (MSMEs), traders and consumers, as those also affected.

Director-General, of the LCCI, Dr Chinyere Almona, gave the advice in a statement in Lagos, while reacting to the latest inflation figures released by the National Bureau of Statistics (NBS).

Almona noted that Nigeria’s headline inflation rate rose marginally to 15.69 per cent in April, from the 15.38 per cent recorded in March.

She however, noted that the sharp moderation in month-on-month inflation from 4.18 per cent to 2.13 per cent, signaled a gradual easing in the pace of price increases and offered cautious optimism for businesses and households.

“The chamber observes that inflation continues to weigh heavily on manufacturers, MSMEs, traders and consumers, through rising costs of food, transportation, energy and logistics.

“The higher rural inflation rate of 16.36 per cent also highlights ongoing supply chain disruptions, insecurity in food-producing areas and weak distribution infrastructure,” she said.

Almona also noted that although inflation had declined significantly from 26.82 per cent recorded in April 2025, businesses and households were yet to experience meaningful relief, as purchasing power remained weak and operating costs elevated.

She urged government to stabilise the foreign exchange market, address energy and logistics costs, improve food supply systems and strengthen support for domestic production and private sector investment.

According to her, there is also a need for stronger coordination between fiscal and monetary authorities, to sustain the moderation in inflation and restore investor and consumer confidence in the economy.

“The LCCI reiterates that durable price stability can only be achieved through productivity-driven reforms, improved infrastructure, enhanced food security and a more business-friendly operating environment,” she said.

Almona also called for long-term strategies to reduce the impact of global shocks on the economy, including disruptions in energy supply chains and trade wars.

She said Nigeria had the opportunity to reposition its oil and gas industry as a major gas supply hub to Europe and a net exporter of crude oil to African countries.

The LCCI director-general further noted that disruptions arising from the Middle East crisis had significantly affected global urea supply, stressing the need for Nigeria to prioritise local urea production, to strengthen food security.

“We need an indigenous plan to boost crude production and increase crude supply to local refineries, in order to reduce fuel import bills,” she said. (NAN)

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