The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has raised concerns over the recent surge in petrol prices in Lagos and Abuja, where prices have reached ₦998 and ₦1,030 per litre, respectively. The association’s National President, Dele Oye, issued a statement on Wednesday, highlighting the strain these increases are placing on businesses and households across the nation.
Oye warned that the price hike could lead to higher transportation costs, increased inflation, and severe consequences for small and medium-sized enterprises (SMEs), many of which rely on petrol for operations. He stressed that the rising fuel costs would affect not only businesses but also households, causing a ripple effect on the cost of goods and services.
He called on the Nigerian National Petroleum Corporation Ltd. to support the Dangote refinery in stabilizing local petrol prices and reducing the country’s reliance on imported fuel. Additionally, Oye urged the Central Bank of Nigeria to implement stronger monetary policies to stabilize the naira, which has been under pressure due to currency depreciation and rising importation costs.
NACCIMA continues to advocate for strategies that will not only stabilize fuel prices but also enhance domestic production capabilities, ensuring the Nigerian economy can navigate these challenging times.
