The Lagos Chamber of Commerce and Industry has warned that the sustained rise in the general price level has weakened purchasing power. In a statement signed by Director‑General Chinyere Almona, the chamber noted that rising inflation has worsened the plight of Nigerians, especially as multidimensional poverty has surged to an unprecedented 133 million people living below the poverty line.
While the monetary authority continues to hike rates to combat inflation, the LCCI argues that supply‑side measures should be pursued with equal vigor. It calls for a balanced deployment of monetary and fiscal policies to tame inflation, emphasizing that the impact of rising prices is far‑reaching. “The sustained rise in the general price level in recent times has caused some weakening in purchasing power. This is coming at a time when multidimensional poverty has climbed too high with an unprecedented 133 million Nigerians living below the poverty line (NBS). The impact of rising inflation is far‑reaching. It distorts fixed interest‑rate payments for recipients and payers alike, leaving in its trail disruptions and dislocations in the economy,” the statement read.
The chamber also urged the Central Bank of Nigeria to examine the extent of its monetary financing of the Federal Government through ways and means. According to the National Bureau of Statistics, headline inflation rose by 0.47 percentage points to 21.83 percent in January 2023, after a slight decline in December 2022.
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