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The organized private sector groups have called on the Federal Government to urgently implement earlier announced credit schemes to address soaring production costs and reduce inflation, which stood at 22.97% in May 2025. According to the National Bureau of Statistics, inflation eased marginally from 23.71% in April 2025.

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In a virtual interview, Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise, noted that while the marginal drop in inflation is a positive signal, the operating environment remains harsh for businesses due to high energy and logistics costs, insecurity, and expensive funding. “The deceleration in inflation is very marginal. Inflation at over 22% is still on the high side,” Yusuf cautioned.

He attributed the slight easing of inflation to past fiscal policy measures and relative stability in the foreign exchange market but stressed that structural constraints continue to fuel inflationary pressure. “We still have challenges with energy costs, logistics, the cost of funds, and insecurity. To tackle this, the Federal Government must accelerate the implementation of credit schemes already announced by the president,” Yusuf said

The Lagos Chamber of Commerce and Industry also welcomed the marginal decline in inflation but warned that risks remain. “This improvement must be viewed cautiously, considering prevailing structural risks and looming food production and distribution shocks,” said Chinyere Almona, Director-General of LCCI.

Almona recommended a coordinated policy approach to sustain disinflation and boost food supply, including continued monetary tightening, improved access to credit for agriculture and manufacturing, and scaling up support for dry season farming and mechanized agriculture. “The government must eliminate leakages and strengthen social safety nets for vulnerable households,” she added.

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The private sector groups emphasized the need for urgent action to address the challenges facing businesses and the economy, including high production costs and inflation.

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