The Lagos Chamber of Commerce and Industry  (LCCI), has advised the government not to be comfortable with the seemingly favourable  rebased inflation figures, recently released, but, instead, sustain its fight against inflationary pressures.

 

 

The Director General of the Chamber, Dr. Chinyere Almona, in a statement, noted that the fundamental variables such as: insecurity, high cost of energy, burdening cost of logistics and imports and a volatile FOREX market, that have driven inflation upwards for months, must be kept under close watch for targeted interventions.

 

 

The Chamber, in the statement tagged: ‘Beyond The Numbers: Ensuring Real Economic Relief for Nigerians’, also urged the apex bank and relevant authorities to ensure that monetary policy decisions remain responsive to the realities of businesses and consumers.

 

 

LCCI  stated further that , though  statistical adjustments provide a clearer picture of economic performance, concrete measures  must, however, be taken to reduce inflationary pressures in real terms, support enterprise development, and drive inclusive economic growth.

 

 

On the latest decision of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to retain the Monetary Policy Rate (MPR) at 27.50 percent, the Chamber described  the decision as the beginning of a better deal for the business community, regarding credit cost, since  high interest rates have continued to torment businesses seeking to leverage credit for their operations and expansion.

 

 

It noted that, while the recalibration of the Consumer Price Index (CPI) methodology, by the NBS, had resulted in a notable statistical decline in inflation, dropping from 34.80% in December 2024 to 24.48% in January 2025, many businesses and households still grapple with high costs of goods and services.

 

 

It argued that though the rebasing provides a more updated and reflective measure of economic conditions, it, however, does not necessarily translate into immediate relief from inflationary pressures in practical terms.

 

 

“Keeping the Monetary Policy Rate (MPR) unchanged provides some form of policy stability, which enhances investor confidence and aids economic planning, at least in the short term.

 

 

” This decision also aligns with a gradual approach to managing inflation, helping to contain price increases without introducing abrupt shocks to borrowing costs, especially in an environment where access to credit is already limited,” it stated.

 

 

The Chamber however identified  some notable challenges associated with the decision such as: high  interest rates, which sustain elevated borrowing costs, and therefore make it difficult for small and medium-sized enterprises (SMEs) to access affordable credit, which can hinder economic expansion and job creation.