Director-General, Lagos Chamber of Commerce and Industry (LCCI), Dr Chinyere Almona, has cautioned the Federal Government that there is little to celebrate over the disinflation reported recently by the National Bureau of Statistics (NBS), noting that rising cost pressures threaten the current disinflationary trend.
It would be recalled that the NBS recently revealed that Nigeria’s headline inflation rate eased to 18.02 per cent in September 2025, down from 20.12 per cent in August, marking the lowest inflation level in three years.
The DG said this reflected encouraging progress toward economic stability and improved consumer confidence. Also commending ongoing fiscal and monetary policy coordination, which she said contributed to this downward trend and has now been sustained for six consecutive months.
She said the notable moderation in food inflation to 16.87 per cent, alongside improved exchange rate stability and stronger naira performance, demonstrates that recent policy adjustments and supply-side interventions are beginning to take hold.
This development, she said, driven by a combination of improved agricultural output, moderated energy prices and policy discipline, offers relief to households and businesses.
“It provides a foundation for enhanced purchasing power, reduced production costs, and renewed investor optimism. The Chamber particularly acknowledges the apex bank’s recent monetary policy easing and its impact in supporting liquidity and stimulating productive sectors.”
She, however, said that while this decline in inflation is commendable, she stressed the need to consolidate these gains through sustained structural and policy consistency.
“Efforts must continue to improve logistics efficiency, enhance domestic food value chains and ensure stable power and fuel supply, all of which are essential for sustaining lower prices and boosting competitiveness.
“Emerging cost pressures pose a risk to the current disinflationary trend. The recent increase in the pump price of Premium Motor Spirit (PMS) to almost N1,000 per litre, coupled with gas supply disruptions caused by labour unrest by NUPENG and PENGASSAN, has led to a surge in domestic gas prices and inflicted a higher logistics cost burden on businesses. These developments are starting to push up energy and transportation costs, raise production expenses across industries and ultimately be passed through to consumer prices.”
The DG said that these energy-related shocks, if sustained, may intensify inflationary pressures in the coming period under review, particularly through higher logistics expenses, increased food prices due to more expensive haulage and elevated input costs for the manufacturing and service sectors.
She urged proactive government engagement with industry stakeholders and labour unions to ensure energy supply stability and avert prolonged disruptions that could undermine recent macroeconomic gains.
She further admonished policymakers to remain vigilant, given that inflation dynamics remain sensitive to global commodity prices, FX movements and domestic fiscal conditions. Strong coordination between fiscal and monetary authorities remains vital in maintaining this positive trajectory, she noted.
“The LCCI views the September inflation outcome as a strong signal of macroeconomic recovery and renewed stability. The Chamber, however, urges the government to remain focused on the ongoing reforms, implement social investment programmes and exercise extreme and utmost caution with fiscal spending,” she said.
