The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to take urgent steps to reduce the cost of living and doing business while accelerating job creation as Nigeria marks its 66th Independence Anniversary.
Engr. Leye Kupoluyi, LCCI President, made the call in the Chamber’s Independence Day message issued on September 30, 2026, reaffirming its commitment to a prosperous, productive and private-sector-led Nigerian economy.
Kupoluyi said the anniversary offered an opportunity to assess the state of the economy and the conditions facing households, businesses and investors.
He acknowledged what he described as encouraging signs from the Federal Government’s economic reform programme, including stronger real GDP growth, a significant moderation in inflation from the elevated levels recorded over the past two years, improved external reserves and greater stability in the foreign exchange market.
He also welcomed the recent reduction in the Monetary Policy Rate to 23 per cent, describing it as a positive signal of growing confidence in the disinflation process.
However, the LCCI president stressed that macroeconomic stability would only be meaningful if it translated into improved living standards, stronger purchasing power, lower production costs and increased employment.
“This remains the critical test of the economic recovery,” he said.
According to Kupoluyi, the moderation in headline inflation has not necessarily translated into lower prices for Nigerian households.
He noted that the prices of essential goods and services remain high, particularly after several years of rapid increases.
“Consequently, a moderation in inflation does not necessarily mean that Nigerians are experiencing lower prices,” he said.
“For many households, food, transportation, housing, healthcare, education, and energy continue to absorb an increasing proportion of disposable income.”
The LCCI president also warned that recent increases in petrol and diesel prices, partly linked to developments in the international oil market, could trigger fresh cost pressures.
He said diesel was selling above N2,000 per litre, while petrol prices had reached around N1,400 per litre in some parts of the country.
Kupoluyi said businesses, particularly micro, small and medium-sized enterprises (MSMEs) and manufacturers, continue to operate under significant cost pressures.
He identified electricity, logistics, financing, imported raw materials, regulatory compliance and multiple taxes among the major challenges affecting businesses.
The rising cost of production, he noted, could undermine business expansion, investment and employment if not addressed.
To ease the pressure, the LCCI called for a targeted package of measures focused on reducing transportation costs through mass transit and compressed natural gas (CNG) vehicles, strengthening food production and distribution, moderating energy-related costs and protecting workers’ purchasing power.
The Chamber also urged the government to strengthen targeted social protection programmes for vulnerable households.
