The Lagos Chamber of Commerce and Industry (LCCI) has proposed a six-month petrol price discount programme geared toward reducing pump costs by between 15 and 20 per cent, as a part of efforts to ease the rising price of doing enterprise and the burden of residing in Nigeria.
The Chamber urged the Federal Government to collaborate with home refiners, petroleum entrepreneurs, regulators and different stakeholders to implement the proposed programme, which might be measured towards the prevailing nationwide weighted-average petrol price.
The LCCI President, Engr. Leye Kupoluyi, made the proposal in his govt abstract on the state of the financial system for the third quarter of 2026.
Kupoluyi stated the proposed intervention ought to ship “progressive, measurable and sustainable reductions in domestic pump prices”, topic to independently verified provide prices, market circumstances and the sustainability of the measures adopted.
He stated the Chamber welcomed the Federal Government’s proposed petrol price-stabilisation mechanism, designed to protect companies and households from the instant results of fluctuations in worldwide crude oil costs and overseas change charges.
However, he cautioned that the proposed mechanism alone wouldn’t assure decrease petrol costs or present enough relief to companies and shoppers.
“Although the proposed ceiling may moderate the immediate transmission of international oil price and exchange-rate shocks, it does not, on its own, guarantee that petrol prices will decline to levels that provide meaningful relief to businesses and consumers,” he stated.
According to him, Nigerian companies are already grappling with excessive electrical energy tariffs, substantial expenditure on various energy technology, rising logistics prices and costly financing, with will increase in petrol and diesel costs additional worsening working circumstances.
The LCCI president warned that any association requiring refiners and importers to take up short-term price will increase and get better them when market circumstances enhance may create deferred price obligations.
He stated such obligations, if not transparently accounted for and recovered inside clearly outlined limits, may finally set off renewed upward strain on costs.
Kupoluyi subsequently known as for a broader energy-cost discount programme that might mix the proposed petrol price intervention with extra dependable electrical energy provide, accelerated gas-to-power improvement, improved home refining effectivity, better competitors and decrease distribution prices.
“Businesses need energy prices that enable them to produce competitively, not simply arrangements that delay the transmission of higher costs,” he stated.
On financial coverage, Kupoluyi stated the discount within the Central Bank of Nigeria’s Monetary Policy Rate (MPR) from 26.5 per cent to 23 per cent was a welcome improvement however cautioned that it will not robotically translate into cheaper loans for companies.
The LCCI had earlier recommended the 350-basis-point discount by the CBN’s Monetary Policy Committee, noting that decrease coverage charges may enhance credit score circumstances and assist private-sector funding.
However, the Chamber president stated the transmission of the speed cut to industrial lending charges and the provision of credit score remained a vital concern.
“Now we have a lower MPR, but the lending environment remains challenging,” he stated.
He defined that banks think about a number of components when assessing mortgage functions, together with debtors’ money flows, collateral, credit score histories, reimbursement capability, sectoral dangers and the broader enterprise surroundings.
Consequently, he warned that insecurity and coverage uncertainty may proceed to affect lenders’ danger assessments, notably for micro, small and medium-sized enterprises (MSMEs).
He urged the financial authorities, improvement finance establishments and industrial banks to strengthen credit score supply to productive companies, notably in manufacturing, agriculture, export-oriented industries and know-how adoption.
On inflation, the LCCI president welcomed the marginal moderation in headline inflation from 15.43 per cent in July to 15.39 per cent in August 2026.
He additionally famous that month-on-month inflation declined from 1.57 per cent to 0.71 per cent, whereas meals inflation eased from 20.31 per cent to 19.57 per cent year-on-year.
Despite the enhancements, he stated the price of residing remained excessive, with households persevering with to battle with meals, transportation, housing, power and different important bills.
He warned that increased petrol and diesel costs may reverse a few of the progress recorded in lowering inflation as a result of power prices feed into transportation, manufacturing, agriculture, distribution and retail costs.
“The decline in the inflation rate should not be mistaken for a reduction in the overall price level,” he stated.
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