The Lagos Chamber of Commerce and Industry has urged Nigeria not to lose momentum in addressing the structural drivers of inflation, despite the recent easing in the inflation rate.
The Director-General of the LCCI, Dr Chinyere Almona, made this call on Tuesday in Lagos, responding to the May inflation figure of 22.97 per cent. According to the National Bureau of Statistics, Nigeria’s headline inflation rate fell to 22.97 per cent in May, down from 23.71 per cent in April.
Dr Almona noted that this development marks a positive, albeit modest, shift in the country’s inflation trajectory after several months of persistent increases, attributint the marginal decline to consistent monetary tightening by the Central Bank of Nigeria (CBN), including interest rate adjustments and liquidity control measures.
She urged the government to act decisively in tackling insecurity, investing in resilient agricultural infrastructure, and improving policy coordination to ensure that current progress becomes sustainable and inclusive, calling for a coordinated mix of fiscal and monetary policy actions, including reforms in the oil and gas sector, which had previously slowed fuel price increases.
