The Lagos Chamber of Commerce and Industry has said Nigeria could witness a reduction in fuel prices in the coming days following the end of hostilities between the United States and Iran and the possible reopening of the Strait of Hormuz, even as inflation continues to squeeze businesses and consumers across the country.
The chamber, however, cautioned that any relief from lower fuel costs may not immediately translate into a more favourable business environment, as manufacturers, micro, small and medium enterprises, traders and households continue to grapple with high operating costs.
President of the Lagos Chamber of Commerce and Industry, Leye Kupoluyi, said inflation remained a major burden despite government efforts to contain price increases.
His comments came after the National Bureau of Statistics reported that headline inflation rose to 15.93 per cent in May 2026 from 15.69 per cent in April, marking the third consecutive monthly increase. Food inflation stood at 16.96 per cent year-on-year, while the Consumer Price Index rose to 140.7 in May from 138.3 in April.
Speaking in an interview with The PUNCH, Kupoluyi said the reality facing businesses extended beyond the official inflation figures: “I observed that while the numbers tell one story, the business environment tells another. Inflation continues to weigh heavily on manufacturers, MSMEs, traders, and consumers due to rising costs for food, transportation, energy, and logistics. Government intervention has helped prevent a surge, but containment is not comfort.”
