The Lagos Chamber of Commerce and Industry (LCCI) has urged the country to not lose momentum in addressing the structural drivers of inflation in spite of the easing inflation rate development.
Director General, LCCI, Dr Chinyere Almona, in reaction to the May inflation figure of 22.97 per cent, gave the advice yesterday in a statement in Lagos.
According to the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate eased to 22.97 per cent in May, down from 23.71 per cent in April.
Almona noted that the development marked a positive, albeit modest new shift in the country’s inflation trajectory after several months of persistent increases.
She said the marginal decline may have been driven by the consistent monetary tightening by the Central Bank of Nigeria (CBN), including interest rate adjustments and liquidity control mechanisms.
The LCCI D-G, however, stressed that this improvement must be viewed cautiously, considering prevailing structural risks and looming food production and distribution shocks.
“The recent spate of herdsmen-farmers clashes in the middle-belt region and flooding disasters are negative signals capable of limiting food harvest this year.
“Logistics and supply chain risks also loom on the back of the current escalations in the Middle East and the deadlocked ceasefire talks between Russia and Ukraine.
“Importing fuel and other products may become more expensive as oil prices have risen due to unabating tensions and trade wars.
“These shocks pose significant risks to food availability and prices, which can drive food inflation; an essential component of the headline inflation index in the third and fourth quarters of 2025,” she said.
Almona therefore urged government to act decisively in tackling insecurity, investing in resilient agricultural infrastructure, and improving policy coordination.
This she said would ensure that the current progress become sustainable and inclusive.
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