LCCI: Easing inflation offers stability for businesses, households

The Lagos Chamber of Commerce and Industry (LCCI) says the latest inflation figures from the National Bureau of Statistics (NBS) offer a glimmer of stability for businesses and households.

In a statement on Tuesday, Chinyere Almona, director-general (DG) of LCCI, applauded the NBS data, which show headline inflation easing to 16.05 percent and food inflation slowing to 13.12 percent in October 2025.

According to the statement, the declining inflation rate marks Nigeria’s seventh consecutive month of cooling prices, and provides the clearest signal yet that economic pressures are “beginning to loosen their grip”.

“This decisive drop, driven by softer food prices, a stronger currency, and improved harvest outcomes, offers a glimmer of stability for businesses struggling with rising costs and households strained by months of high food costs,” Almona said.

“Yet, with month-on-month inflation continuing to tick upward and sharp state-level disparities persisting, this progress remains fragile.

“The monthly data on the headline figure tells a more complicated story. The month-on-month inflation climbed to 0.93% in October, up from 0.72% in September.”

The LCCI boss said while the broader trend is improving, short-term price pressures remain a concern.

She noted that most of the pressures come from components of the food basket, which carry the largest weight in Nigeria’s consumer price index.

“We must remain focused on implementing policy interventions to improve food security and reduce the feeding costs of most households,” the DG added.

She urged policymakers to take advantage of the opportunity by implementing bold foreign exchange reforms, strengthening food security, and addressing critical supply-chain challenges.

The director-general also called on the business community to leverage the emerging stability to reinvest, expand production, and create jobs.

Almona said Nigeria now stands at a pivotal turning point, where coordinated action could transform easing inflation into lasting economic confidence and a more prosperous future for all.