The Centre for the Promotion of Private Enterprise (CPPE) has called on the federal government to prioritise urgent interventions in food production and transportation to address rising inflationary pressures in the country.
The appeal was made in a statement on Wednesday by Muda Yusuf, CPPE chief executive officer while reacting to the March 2026 consumer price index released by the national bureau of statistics.
According to the latest data, Nigeria’s headline inflation rose to 15.38 per cent in March 2026, up from 15.06 per cent in February, signalling a renewed uptick in price levels after months of relative easing.
Yusuf noted that the month-on-month inflation rate also rose significantly to 4.18 per cent from 2.01 per cent in the previous month, describing it as evidence of renewed cost pressures in the economy.
He attributed the inflationary trend largely to rising energy costs, which he said have continued to push up transport fares, food prices, and production expenses across sectors.
“The implication is higher transport costs, increased food prices and escalating production costs, which are fueling inflationary pressures in the economy,” he said.
Yusuf identified food and transport as the key drivers of inflation, warning that their combined impact is severely affecting household welfare and business operations.
He noted that food inflation stood at 14.31 per cent year-on-year, while core inflation rose to 16.21 per cent, both contributing significantly to the cost of living.
The CPPE chief also raised concerns over the structure of the transport sector, arguing that weak regulation and dominance of fragmented private operators have worsened fare instability.
He urged government to shift focus towards structural reforms rather than relying solely on monetary tightening, warning that further increases in interest rates could hurt economic growth.
“The current inflationary pressures are largely cost-push, driven by energy, logistics and structural inefficiencies, not excess demand,” he said.
Yusuf cautioned that raising interest rates would do little to address the root causes of inflation and could instead discourage investment and constrain business activity.
He called for stronger investment in agriculture, including improved rural security, better infrastructure, access to financing, and wider adoption of mechanised farming to boost productivity and stabilise food prices.
On transportation, he recommended increased government investment in mass transit systems such as buses and rail networks, alongside stronger regulatory oversight to curb arbitrary fare hikes.
Yusuf stressed that coordinated reforms in energy, agriculture, and transport remain essential to achieving long-term price stability and protecting vulnerable households from rising living costs.
