FIC REPORT (LAGOS STATE) – On 30th, September, 2026. The president of the Lagos Chamber of Commerce and Industry (LCCI), Engr. Leye Kupoluyi, has called for federal government speedily action to lower the cost of living, also to reduce the cost of doing business and accelerate job-creating growth in Nigeria.
The Chamber in its Independence anniversary reaffirmed its commitment to a prosperous, productive, and private-sector-led economy.
The LCCI president said the 66th anniversary provides an important opportunity to reflect on the state of the economy and the conditions confronting businesses, households, and investors in Nigeria.
He recognised that the federal government’s economic reform program has delivered encouraging signs of macroeconomic stabilization, with real GDP growth strengthening, inflation moderating significantly from elevated levels of the previous two years, external reserves improving, and the foreign exchange market becoming more orderly.
According to Engr. Leye, described the recent reduction in the Monetary Policy Rate to 23 percent as a welcome signal of the authorities’ growing confidence in the disinflation process.
He stressed that macroeconomic stabilization must ultimately translate into improved welfare, stronger purchasing power, lower production costs, and more jobs, saying that “this remains the critical test of the economic recovery.â€
On the high cost of living, Kupoluyi expressed concern that despite the decline in headline inflation, the cost of essential goods and services remains beyond the reach of many households
He said the problem is not only the rate at which prices are rising, but the high level to which prices have already risen over the past several years.
He furthered explained that “moderation in inflation does not necessarily mean that Nigerians are experiencing lower prices. For many households, food, transportation, housing, healthcare, education, and energy continue to absorb an increasing proportion of disposable income,â€
He noted that recent increases in petrol and diesel prices, driven partly by developments in the international oil market, have further heightened the risk of renewed cost pressures, with diesel above N2,000 per litre and petrol around N1,400 per litre in parts of the country.
Kupoluyi said for businesses, particularly MSMEs and manufacturers, the operating environment remains challenging due to high costs of electricity, logistics, finance, imported raw materials, regulatory compliance and multiple taxes.
He urged the federal government to implement a targeted package including reducing transportation costs through mass transit and CNG vehicles, strengthening food production and distribution, moderating energy-related costs, protecting workers’ purchasing power, and strengthening targeted social protection for vulnerable households.
The Lagos Chamber of Commerce and Industry (LCCI) President concluded that at 66, Nigeria has enormous potential but must move decisively from stabilization to inclusive growth, from consumption to production, and from economic recovery to broad-based prosperity.
Sourced and reported by Ojo Taiwo Israel
PIO/ Public Relation
2/10/2026
