The Lagos Chamber of Commerce and Industry, LCCI, has described the latest deceleration in Nigeria’s headline inflation as a positive development.
The National Bureau of Statistics had reported a deceleration in Nigeria’s headline inflation rate to 15.06% in February 2026 from 15.10% in January 2026.
The Chamber said that the marginal decline, alongside the significant drop from 26.27% recorded in February 2025, reflected a gradual easing of inflationary pressures in the economy.
A statement by the Director-General, Lagos Chamber of Commerce & Industry, Dr. Chinyere Almona however stated that the slight moderation in inflation offers cautious optimism for businesses and households.
According to the statement, the Chamber stressed that sustaining this trend will depend on consistent macroeconomic management, structural reforms, and policies that enhance domestic productivity.
“The month-on-month inflation rate rose to 2.01% in February, after contracting in January, indicating that price pressures remain persistent. In addition, food prices remain the major driver of inflation, reflecting structural challenges in Nigeria’s food supply chain, high logistics costs, and production constraints.” The statement read.
She further said “the rising geopolitical tensions linked to the Iran conflict in the Middle East could trigger volatility in global energy markets, potentially increasing fuel, transportation, and logistics costs.
“With the risk of exchange-rate volatility amid disruptions to global supply chains, renewed pressure in the foreign exchange market could increase the cost of imported raw materials, machinery, pharmaceuticals, and food items, thereby pushing up production and consumer prices. In addition, insecurity in food-producing regions, Climate-related disruptions, and high transportation costs continue to threaten food supply and price stability.”
The LCCI boss said that Nigeria has an opportunity to partially insulate itself from volatile oil prices in international markets if it expands its local refining capacity and boosts crude supply to local refineries to meet local needs.
“The Chamber, therefore, emphasizes that deliberate policy actions are required to sustain the current inflation moderation.
The government should prioritize exchange-rate stability by improving foreign exchange liquidity and boosting non-oil export earnings. Strengthening food security through improved agricultural productivity, addressing insecurity in farming communities, and investing in storage and logistics infrastructure will also help moderate food prices,’ she said.
She also called for accelerated reforms in the power and energy sectors stating that these two are critical to lowering production costs for businesses.