Rising Inflation Threatens Nigeria's Economy and Businesses

The Lagos Chamber of Commerce and Industry (LCCI), through its Director General, Dr. Chinyere Almona, has expressed concerns regarding the recent rise in inflation, which has reached 15.38% in March 2026, up from 15.06% in February. This inflationary rebound poses significant risks to business sustainability and consumer purchasing power, as highlighted in a statement released on Thursday.

The increase is largely attributed to a surge in food inflation at 14.31% and transport costs at 16.9%, reflecting renewed underlying price pressures within the economy. Dr. Almona emphasized the need for urgent coordinated policy actions from the federal government to address the situation, particularly in light of escalating fuel costs influenced by global energy market disruptions.

The LCCI also called for reforms in the agricultural sector to tackle food inflation and improve supply chain efficiency, alongside infrastructure investments to reduce transport costs and enhance access to foreign exchange.