The Lagos Chamber of Commerce and Industry (LCCI) says the marginal decline in Nigeria’s inflation rate provides cautious optimism for businesses and households, even as persistent risks threaten to reverse the fragile progress.
Reacting to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), the Chamber noted that headline inflation moderated slightly to 15.06 per cent in February 2026 from 15.10 per cent in January, and fell sharply from 26.27 per cent in February 2025, indicating a gradual easing of inflationary pressures.
LCCI Director General, Chinyere Almona, said the trend offers relief to businesses and consumers struggling with high costs and weakened purchasing power.
“From the perspective of the organised private sector, the slight moderation in inflation offers cautious optimism for businesses and households, as high inflation has significantly eroded purchasing power, increased production costs, and weakened consumer demand across several sectors,” Almona said.
However, the Chamber warned that inflationary pressures remain persistent. Month-on-month inflation rose to 2.01 per cent in February after contracting in January, signalling ongoing price pressures. Food inflation continues to dominate, reflecting structural inefficiencies in the supply chain, high logistics costs, and production constraints.
The LCCI also cautioned that a combination of domestic and global risks could derail recent gains. Rising geopolitical tensions linked to the Iran conflict may trigger volatility in global energy markets, affecting fuel, transportation, and logistics costs.
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To cushion such shocks, the Chamber recommended expanding local refining capacity and increasing crude supply to domestic refineries.
Additionally, LCCI highlighted potential exchange-rate volatility from global supply disruptions, warning that renewed pressure on the foreign exchange market could raise costs for imported raw materials, machinery, pharmaceuticals, and food items.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
