The Lagos Chamber of Commerce and Industry (LCCI) has welcomed the recent slowdown in Nigeria’s headline inflation as a positive development.
The National Bureau of Statistics reported that headline inflation eased slightly to 15.06% in February 2026, down from 15.10% in January 2026.
The LCCI noted that this marginal decline, following a significant drop from 26.27% in February 2025, signals a gradual easing of inflationary pressures in the economy.
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In a statement, the Director-General of the LCCI, Dr. Chinyere Almona said “the slight moderation offers cautious optimism for businesses and households.”
The Chamber emphasised that maintaining this trend would require consistent macroeconomic management, structural reforms, and policies that boost domestic productivity.
Dr Almona said; “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.”
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,” ”Dr Almona said.
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.
Dr Almona also called for accelerated reforms in the power and energy sectors stating that these two are critical to lowering production costs for businesses.