The President of the Lagos Chamber of Commerce and Industry, ,Mr Leye Kupoluyi, has stated that the government must sustain reforms that are helping against inflation while also providing credit access to small businesses.
Mr Kupoluyi made the disclosure while reacting to the latest development in Nigeria’s inflation level which eased for the eighth consecutive month to 14.45 per cent in November 2025 relative to the October 2025 headline inflation rate of 16.05 per cent.
He stated that the continued moderation in inflation would leave more money in the pockets of Nigerians and support consumption.
“When inflation keeps going down, firstly, it will impact the purchasing power of people, and when people can spend money, that is what the business, that is the private sector, wants. We want people to have an income that they can spend on all other items, not just on food,” he said.
Mr Kupoluyi attributed the easing to the fading impact of fuel subsidy removal shocks, improved stability in the petroleum market, and marginal improvement in oil prices, which support foreign inflows.
“The stability in the petroleum market is part of the reason for the inflation to go down,” he said, adding that sustained infrastructure investment and reopening agriculture to large-scale participation would further moderate prices.
LCCI’s president called for structured support for agriculture, noting that food prices remained central to inflation outcomes.
“Everywhere in the world, you need to subsidise agriculture. It may not be direct; it may be an input subsidy or creating a market so farmers do not lose the value of their labour. The more food we make available, the more inflation will keep going down,” adding that if the trend persisted, Nigerians would begin to feel broader economic improvements by the first quarter of 2026.
“There will be a convergence of the Consumer Price Index going down and the Gross Domestic Product going up,” he said, as per The Punch newspapers.