LCCI Calls for Investment in Storage to Stabilize Food Prices

The Lagos Chamber of Commerce and Industry (LCCI), represented by Director General Dr. Chinyere Almona, has urged the Nigerian government to invest in storage and logistics infrastructure to moderate food prices and strengthen food security. This recommendation follows the release of inflation reports by the National Bureau of Statistics, which indicate that inflation is under pressure from various factors.

Almona emphasized the need for policy actions to sustain current inflation levels and improve agricultural productivity. She highlighted the importance of stabilizing exchange rates and enhancing foreign exchange liquidity to boost non-oil export earnings.

The LCCI also pointed out that high inflation is eroding purchasing power and increasing production costs, which weakens consumer demand. Furthermore, the organization warned of domestic and global risks that could reverse recent economic gains, including geopolitical tensions affecting global energy markets and rising transport costs.

The LCCI stressed that improving transport and trade infrastructure is crucial for reducing logistics costs and stabilizing consumer prices.