THUR APRIL 16 2026-theGBJournal| The Centre for the Promotion of Private Enterprise (CPPE) has called on federal and state governments to prioritise targeted interventions in agricultural productivity and public transportation investment following the latest inflation data from the National Bureau of Statistics (NBS).
Headline inflation rose to 15.38% in March 2026, while month-on-month inflation surged to 4.18%—almost double the February figure—highlighting renewed price pressures and the fragility of Nigeria’s disinflation trend.
According to CPPE, the data signals a worrying shift, as earlier gains in moderating inflation are now being threatened by persistent cost-driven factors, particularly in food, energy, and transportation.
The think-tank noted that although inflation had been easing on a year-on-year basis, underlying structural weaknesses remain unresolved.
The sharp uptick in monthly inflation points to renewed momentum in prices, raising concerns about worsening cost-of-living conditions for households and mounting pressures on businesses.
CPPE stressed that urgent and targeted policy responses are needed to address these supply-side drivers, warning that failure to act could reverse recent stability gains.
It argued that the policy approach must move beyond a narrow reliance on monetary tightening to a broader framework focused on structural reforms in critical sectors.
On agricultural productivity, CPPE recommended improving security in farming communities, strengthening rural infrastructure and logistics, expanding access to inputs and financing, and promoting mechanisation and modern farming techniques.
It maintained that boosting domestic food production remains the most sustainable solution to food inflation, rather than increased importation.
For public transportation, the group advocated significant investment in mass transit systems, including bus and rail networks, alongside reduced dependence on fragmented private transport operations.
It also called for regulatory measures to curb exploitative pricing and improvements in urban mobility infrastructure, noting that a more efficient transport system would ease inflationary pressures and enhance welfare.
Reiterating that current inflationary trends are largely cost-push in nature—driven by energy costs, logistics challenges, and structural inefficiencies—CPPE warned against further monetary tightening.
It cautioned that higher interest rates would constrain financing for the real sector, weaken investment and productivity, and ultimately undermine economic recovery.
“We strongly caution against using the recent uptick in inflation as a basis for additional monetary tightening,” the group stated.
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