Nigeria’s fragile economic recovery is facing renewed pressure as rising inflation and persistent structural constraints threaten to wipe out recent gains, the Lagos Chamber of Commerce and Industry (LCCI) has warned.
‎
Presenting its latest quarterly economic review in Lagos, the Chamber said while key macroeconomic indicators point to gradual improvement, businesses and households are yet to feel meaningful relief.

The situation, he said, is worsened by rising costs and weak purchasing power continuing to weigh on economic activity.
‎
Inflation rose to 15.38 per cent in March, up from 15.06 per cent in February, a reversal of the 11-month disinflation trend.

The increase was driven by food inflation at 14.31 per cent, transport costs at 16.9 per cent and sustained pressure across core inflation, which climbed to 16.21 per cent.
‎ ‎
The resurgence in inflation is intensifying cost pressures for businesses and households, with rising fuel, logistics and input costs compressing margins and weakening consumer demand.

LCCI President, Leye Kupoluyi, noted that weak consumer demand, rising operating costs and limited access to affordable financing have continued to constrain businesses, highlighting a widening gap between macroeconomic gains and lived economic realities.
‎
LCCI Deputy President, Knut Uvmoen, said the current situation reflected broader global challenges, with rising fuel costs affecting countries globally.
‎ ‎
“The world is not easy these days; people are suffering all over the world, taxi drivers are closing down because they cannot afford fuel,” he said.
‎
Also speaking, LCCI Deputy President, Prince Olashore, said the rise in jet fuel prices reflected global cost realities and is already affecting purchasing power.