The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to increase investment in agriculture, strengthen food supply chains and reduce production costs to improve food security and make essential commodities more affordable in the fourth quarter of 2026.
The LCCI President, Leye Kupoluyi, made the call on Wednesday 14th of October 2026 at the chamber’s quarterly State-of-the-Nation Conference in Lagos, where he outlined six policy priorities for attracting investment, supporting businesses and creating jobs.
Kupoluyi called for increased investment in irrigation, mechanisation, agricultural financing, storage facilities, rural roads and agro-processing to boost productivity and reduce post-harvest losses. He also stressed the need to improve security in farming communities and transportation networks to ease the movement of produce and reduce logistics costs.
He said addressing inflation required tackling structural challenges in food production and distribution, including inadequate infrastructure, insecurity in agricultural areas and rising business operating costs. He urged the government to implement policies that would lower production expenses, strengthen household purchasing power and improve access to essential goods.
Beyond agriculture, Kupoluyi identified high energy and transportation costs, support for manufacturers and small and medium-sized enterprises (SMEs), inflation management, tax and regulatory reforms, and stronger public-private sector engagement as priorities for the quarter.
He said rising petrol and diesel prices, expensive electricity and costly logistics were undermining business competitiveness. He proposed a six-month programme to reduce petrol prices by 15 to 20 per cent from the prevailing national weighted-average pump price, alongside improved electricity supply, domestic refining and better transport infrastructure.
On taxation, he advocated simplified compliance procedures, harmonised levies and a review of regulations that impose excessive costs on SMEs, noting that a more predictable business environment would encourage investment and enterprise expansion.
Citing the International Monetary Fund’s projection of 3.0 per cent global growth in 2026, Kupoluyi warned that geopolitical tensions, energy supply disruptions, extreme weather and financial market volatility could weaken economic prospects. He urged Nigeria to minimise their effects on prices and the cost of living.
On foreign exchange, he called on the Central Bank of Nigeria to sustain reforms that improve market transparency and confidence while ensuring businesses have efficient access to foreign exchange for legitimate productive activities, particularly imports of machinery, raw materials and other essential inputs.
Kupoluyi urged federal and state governments to deepen private-sector engagement and ensure public revenue delivers measurable improvements in infrastructure, education, healthcare and security. He stressed that economic reforms must translate into lower business costs, stronger domestic production, higher productivity, export diversification and employment creation.
