The rising cost of living in Nigeria has continued to pile pressure on households, manufacturers and small businesses, as the Lagos Chamber of Commerce and Industry (LCCI) warned that inflation remains a major threat to economic survival despite recent moderation figures.
Director-General of the LCCI, Dr Chinyere Almona, reacted to the latest National Bureau of Statistics data showing Nigeria’s headline inflation rose to 15.69 per cent in April 2026 from 15.38 per cent recorded in March.
She said soaring prices of food, transportation, energy and logistics were worsening the burden on consumers, traders and Micro, Small and Medium Enterprises (MSMEs).
Almona noted that rural inflation, which climbed to 16.36 per cent, reflected persistent supply chain disruptions, insecurity in food-producing communities and weak distribution networks.
Although inflation dropped sharply from 26.82 per cent recorded in April 2025, she stressed that Nigerians were yet to feel meaningful relief as purchasing power remained weak and business operating costs stayed high.
She urged the Federal Government to stabilise the foreign exchange market, tackle energy and logistics challenges, improve food supply systems and strengthen support for local production and private sector investment.
According to her, long-term price stability can only come through productivity-driven reforms, improved infrastructure, stronger food security and a more business-friendly environment.
Meanwhile, the Bureau of Public Procurement (BPP) introduced fresh guidelines to curb inflated government contract costs.
Under the new policy approved by the Federal Executive Council (FEC), all requests for contract variations, fluctuation claims and scope changes must now receive a BPP Certificate of No Objection before approval.
BPP Director-General, Dr Adebowale Adedokun, said the measures were designed to stop abuse of the procurement process and ensure public projects deliver value to Nigerians.