The Lagos Chamber of Commerce and Industry (LCCI) has urged the government to prioritise fiscal discipline to sustain Nigeria’s declining inflation rate.
LCCI Director-General, Chinyere Almona, made the call on Tuesday following the release of Nigeria’s rebased January inflation rate, which dropped to 24.48% from 34.8%.
Almona stressed that the decline was due to the rebasing of the Consumer Price Index (CPI) and does not translate to lower living costs. She noted that inflation remains high, with essential expenses such as food and transportation still rising.
She urged the Central Bank of Nigeria (CBN) to refine monetary policies to balance inflation control with economic growth while calling for targeted interventions to ease inflationary pressures.
Highlighting food inflation as a major concern, Almona advocated for policies that enhance agricultural productivity, reduce post-harvest losses, and improve transport and storage infrastructure. She also emphasised the need to stabilise the exchange rate, promote local production, and reduce import dependence to strengthen the naira.
Credict: NAN (Text Excluding Headline)
