Reduce Inflation by Improving Petrol Export, LCCI Urges FG

The Lagos Chamber of Commerce and Industry (LCCI) has called on the federal government to boost petrol exports as a strategy to curb inflation and stabilize the economy. The chamber emphasized that increasing the country’s refining capacity and export of petroleum products would reduce dependence on imports, ease foreign exchange pressure, and lower production costs.

LCCI noted that Nigeria’s heavy reliance on imported fuel contributes to rising inflation, as fluctuations in global oil prices directly impact domestic costs. By strengthening local refining and exporting surplus petrol, the country could generate foreign exchange earnings while reducing the cost of fuel for businesses and consumers.

The chamber also urged the government to create policies that encourage investment in local refining and remove bottlenecks in the petroleum sector. They stressed that reforms in the oil and gas industry, coupled with improvements in infrastructure, would enhance Nigeria’s economic resilience and promote sustainable growth.

With inflation remaining a major challenge, LCCI believes that prioritizing petrol exports and refining capacity will play a crucial role in stabilizing prices and improving overall economic conditions.