The Lagos State Government has engaged key economic stakeholders on adaptive strategies to address Nigeria’s persistent inflation and the mounting cost-of-living burden on households.
Eko Hot News reports that the dialogue took place at the Lagos Country Club, Ikeja, during a business forum themed “Inflation, Cost of Living and Consumer Purchasing Power: Adaptive Strategies for Nigeria.” The event convened policy leaders, business executives, financial experts, and consumer advocates to evaluate solutions for economic stability.
Representing the State Government, Commissioner for Wealth Creation and Employment, Hon. Akinyemi Ajigbotafe, stressed the need for coordinated, data-driven measures to protect purchasing power and support residents facing economic pressures.
He noted that inflation moderated to 16.05% in October 2025, down from 18.02% in September, driven by improved harvests and currency adjustments, but added that living costs remain high for families.
Ajigbotafe described inflation as a force undermining household welfare, pointing to persistent increases in food prices, transportation fares, and rent, which continue to erode real incomes estimated at N430,334 monthly in rural communities.
He reaffirmed the Ministry’s commitment to policies that improve supply-chain efficiency and economic sustainability. He further highlighted Governor Babajide Sanwo-Olu’s T.H.E.M.E.S Plus Agenda, which provides support through skills development, empowerment programmes, and job-creation initiatives.
The Commissioner also referenced low-interest loans from the Lagos State Employment Trust Fund (LSETF), noting that the intervention complements recent Central Bank of Nigeria (CBN) reforms designed to ease pressure on individuals and SMEs.
Earlier, President of the Lagos Country Club, Mr Seyi Adewunmi, welcomed participants and called for deliberate, collaborative efforts to protect consumer purchasing power and strengthen business resilience.
Guest Speaker, Hon. Dele Kelvin Oye, Chairman of Economic Research and Ethics Ltd and former OPS Chairman, linked Nigeria’s inflation to supply-chain disruptions, rising energy costs, currency volatility, and global shocks. He advocated for closing supply-demand gaps and reducing governance costs.
Economic expert, Dr Paul Alaje, examined the impact of exchange-rate swings and import dependence on commodity prices, noting a shift in consumer behaviour toward cheaper alternatives due to declining real incomes.
He recommended increased local manufacturing, investments in technology-driven supply chains, and accelerated digital transformation to stabilise prices and reduce import reliance.
A highlight of the forum was the presentation of an award to Hon. Ajigbotafe in recognition of his contributions to economic empowerment and job creation in Lagos State.
