LCCI Urges Economic Reforms as Inflation Hits 15.69%

The Lagos Chamber of Commerce and Industry (LCCI) has called on the Nigerian government to strengthen economic reforms in light of the rising inflation rate, which reached 15.69% in April 2026, up from 15.38% in March 2026. Dr. Chinyere Almona, the LCCI Director General, stated that the ongoing inflationary pressures are affecting businesses and households across Nigeria.

Despite a month-on-month inflation slowdown, the cost of living remains a significant concern. The LCCI highlighted the need for urgent action to stabilize the foreign exchange market and reduce energy and logistics costs.

Almona also pointed out that food inflation rose to 16.06% year-on-year, although lower than the previous year's 24.68%. The LCCI advocates for product-driven reforms to improve infrastructure and reduce Nigeria's exposure to global commodity shocks.

Additionally, there is a call for increasing local crude oil production and urea supply to enhance food security amid ongoing geopolitical tensions affecting global energy supply chains.