The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has expressed serious concerns regarding the recent increase in petrol pump prices in Lagos and Abuja. The National President of NACCIMA, Mr. Dele Oye, highlighted the issue in a statement released on Wednesday in Lagos.
Oye noted that petrol prices have soared to ₦998 per litre in Lagos and ₦1,030 per litre in Abuja, creating significant strain on both businesses and households across the country. He warned that this hike could result in increased transportation costs, exacerbate inflation, and severely impact small and medium-sized enterprises (SMEs).
“The rise in fuel prices will directly lead to higher freight charges,” Oye explained. “Given that fuel is a primary driver of inflation, the recent increase will only worsen Nigeria’s already high inflation rate.”
He pointed out that households will face higher costs not just for fuel but for everyday goods and services, creating a vicious cycle of escalating prices and economic hardship. This situation poses a significant threat to micro and nano businesses, many of which rely on petrol generators for their operations.
Oye cautioned that the overall economic landscape for SMEs could shift from potential growth to mere survival, limiting job creation and economic development in communities across Nigeria.
In light of these challenges, Oye urged the Nigerian National Petroleum Corporation Ltd. to support the operations of the Dangote refinery, which could help stabilize local petrol prices, reduce Nigeria’s dependence on imported fuel, and contribute to national self-sufficiency.
Additionally, he called on the Central Bank of Nigeria to enhance the implementation of monetary policies aimed at stabilizing or strengthening the Naira. As importation costs rise due to currency depreciation, domestic fuel prices are expected to continue climbing.
“It is crucial that we advocate for robust strategies to stabilize fuel prices while bolstering domestic production capabilities,” Oye stated. “This will enable the Nigerian economy to navigate these turbulent times more effectively.”
NACCIMA remains committed to engaging with government entities to promote a more conducive environment for growth and sustainability in Nigeria.
