Frequent interest rate hikes are producing a poor result. For this, Lagos Chamber of Commerce and Industry (LCCI) called on the Central Bank of Nigeria (CBN) to explore viable options to combat the country's soaring inflation. This appeal was made through a statement signed by its Director General of the Chamber, Chinyere Almona.

Dans le communiqué de LCCI, inflation rose from 16.82% to 21.91% in February 2023, despite a 6.5% increase in the key rate over the same period. Thus, the chamber said it expected the CBN to delay an increase or, at best, a moderate increase in the policy rate. He was given the weak relationship between it and inflation, especially after manufacturers and other businesses complained about high borrowing costs and the cash flow crisis. The chamber recommended that structural rigidities around infrastructure and agriculture be examined and addressed to contain inflation.