LASG Explores Adaptive Strategies for Inflation Challenges

The Lagos State Government recently convened a high-level dialogue with key economic stakeholders including leaders in business, finance, policy, and consumer advocacy to collectively identify sustainable and adaptive strategies for tackling Nigeria's persistent rising inflation and escalating cost of living pressures. The forum, organized by the Lagos Country Club with the theme "Inflation, Cost of Living and Consumer Purchasing Power: Adaptive Strategies for Nigeria," aimed to find collaborative solutions to reshape household welfare, business operations, and the overall economic stability of the state.

Representing the State Government, the Honourable Commissioner for Wealth Creation and Employment, Hon. Akinyemi Ajigbotafe, underscored the urgency of coordinated, evidence-based measures required to protect consumer purchasing power and provide substantial support to residents amidst the current economic headwind. He noted that despite a slight moderation of inflation to 16.05\% in October 2025, the burden of the cost of living remains heavy, with the real income benchmark for rural families being an estimated N430,334:00 monthly

​The Commissioner vividly described inflation as "a thief that steals from our collective future," highlighting the relentless rise in essential costs like rent, transport fares, and food prices, which continuously weaken real income levels for households. He reiterated the Ministry's commitment to developing and implementing policies focused on supply chain efficiency and economic sustainability for Lagos residents. Furthermore, he noted that Governor Babajide Sanwo-Olu’s T.H.E.M.E.S Plus Agenda is actively cushioning these pressures through skills development, targeted empowerment, and crucial job-creation initiatives.

​Hon. Ajigbotafe also drew attention to the financial support available through the Lagos State Employment Trust Fund (LSETF), which provides low-interest loan facilities. These loans are designed to complement recent Central Bank of Nigeria (CBN) reforms, aiming to ease the financial strain on both individuals and small businesses operating within the state. The President of the Lagos Country Club, Mr. Seyi Adewunmi, stressed the need for deliberate strategies to safeguard consumer purchasing power and enhance the resilience of businesses in the face of these economic challenges.

​Guest Speaker Hon. Dele Kelvin Oye traced Nigeria's inflation pressures to systemic issues such as supply-chain disruptions, rising energy costs, currency volatility, and global economic shocks, calling for a reduction in governance costs and efforts to close demand and supply gaps to improve productivity. Economic expert Dr. Paul Alaje further analyzed the detrimental impact of exchange-rate fluctuations and import dependency on commodity prices, recommending strategies like strengthening local manufacturing, investing in technology-enabled supply chains, and accelerating digital transformation to reduce reliance on imports and stabilize domestic prices.