Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has raised alarm over the surge in petrol prices in Lagos and Abuja, has warned the Federal Government of the dire consequences of a sharp increase in the pump prices of petrol in the country.
NACCIMA said it will lead to the asphyxiation of not only businesses but only put further strains on households that are already managing to survive.
In a statement, its National President, Dele Oye, said the pump prices in Lagos have soared to N998 per litre, while in Abuja, they have reached N1,030 per litre.
He warned that these developments would severely affect businesses, particularly small and medium-sized enterprises (SMEs), and households across the country.
The increase in petrol prices, Oye also stressed, will trigger a cascade of economic challenges.
“With transportation costs directly tied to fuel prices, this increase will serve as a catalyst for higher freight charges,” he said.
The NACCIMA boss expressed concern over the broader economic implications, emphasising that rising petrol prices would lead to higher inflation, which is already a pressing issue in Nigeria.
He highlighted that the price hike could create a vicious cycle where households are forced to pay more for both fuel and essential goods, exacerbating economic hardship for the average Nigerian.
“The rise in petrol prices will exacerbate the already high inflation rate in Nigeria. Households will find themselves paying more not only for fuel but also for everyday goods and services,” he explained.
Oye particularly pointed to the impact on micro and nano businesses, many of which depend on petrol generators to power their operations.
He noted that SMEs, which are critical to Nigeria’s economy, may shift their focus from growth to mere survival under these circumstances, affecting job creation and economic development nationwide.
In response to these challenges, Oye urged the Nigerian National Petroleum Corporation Ltd. (NNPCL) to extend support to the Dangote refinery.
“Supporting the refinery’s operations will help stabilise local petrol prices, reducing Nigeria’s dependence on imported fuel and contributing to national self-sufficiency,” he advised.
He also urged the Central Bank of Nigeria (CBN) to implement more effective monetary policies to stabilise the Naira, noting that currency depreciation is driving up import costs and could push petrol prices even higher.
NACCIMA as a key stakeholder, Oye assured, will continue to engage with government entities to encourage a more conducive climate for growth and sustainability.
