Economy

Warri, PH, Kaduna Refineries Will Boost Liquified Petroleum Gas – Sylva

Published

7 years ago

28/11/2019

By Adedapo Adesanya

The rehabilitation of the three local refineries which include – the Warri, Port Harcourt, and Kaduna refineries, are expected to bring an output of 360,000 Metric tonnes per annum (MTPA) of Liquified Petroleum Gas (LPG) by 2023.

This was said by the Minister of State for Petroleum, Mr Timipre Sylva, at Nigeria LPG Summit 2019 in Lagos on Wednesday. The Minister, who was represented by his Technical Adviser on Gas Business and Policy Implementation, Mr Justice Derefaka, said this was in line with the National Gas Policy of government.

He said government was looking to deepen LPG penetration in the country, noting that only about five percent of its population were currently using LPG as energy source.

He also said government had other plans which include upgrading the Lagos-Apapa LPG Plant from 4,000 MT to 8,000 MT storage and increasing LPG allocation to the domestic market from Natural Gas Liquids (NGLs) to reduce butane/propane exports.

According to him, the government wants to diversify supply sources with 110,160 MTPA from Nigerian Petroleum Development Company’s Oredo facility expected to come on stream by first quarter of 2020.

“By our 2018 record, gas utilisation is being deepened by increasing LPG penetration. LPG consumption increased by about 16 per year on year.

“A total of 364 LPG plants licences and approvals were issued in 2018. This is expected to give about 15 per cent rise in the nation’s LPG consumption based on storage capacity.

“We need to deliver the much-needed energy for development and growth.

“We need to explore ways and means to scale through the Nigeria energy hurdle and put in place strategic measures to address the downside issues, challenges, gaps and aggressively pursue the upside opportunities,” he said.

The Minister said that government would continue to provide the enabling environment for both local and foreign investments in the sector to thrive.

On his part, Managing Director, Nigeria LNG Limited (NLNG), Mr Tony Attah, said the company was committed to deepening the penetration of cooking gas to support environmental and human protection through the use of cleaner energy.

Mr Attah, represented by Mr Abdulkadir Ahmed, Managing Director, NLNG Shipping Management Ltd (NSML), said NLNG would continue to ensure product availability, accessibly and affordability.

“The company has recently begun to explore the possibility of delivering LNG in addition to the LPG to the domestic market in line with the Federal Government’s aspirations on gas-based industrialisation in Nigeria.

“With product availability and accessibility, we expect that more people will be employed in the value chain from the off takers to the major distributors and eventually retail outlets that get the products into the nooks and crannies of the nation.

“Ultimately, more and more Nigerians will begin to appreciate the value that cooking gas has over other unhealthy cooking fuels and they will embrace the commodity,” he added.

Adding to the discourse, Mr Michael Kelly, Deputy Managing Director, World LPG Association (WLPGA), said the organisation would support the efforts of the government to increase gas utilisation in Nigeria.

Mr Kelly said that Nigeria was one of the 20 countries where 2.3 billion people lacked access to modern fuels adding that with the right policies and regulatory framework and cooperation between government and private investors, this could be tackled head on.

Economy

Nigerian Stocks Chalk up 0.33% on Positive Market Breadth Index

Published

41 minutes ago

09/06/2026

Dipo Olowookere

By Dipo Olowookere

Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.

According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.

When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.

Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.

FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.

Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.

International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.

On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.

Economy

NASD OTC Exchange Opens Week Lower as Valuation Dips N1.27bn

Published

43 minutes ago

09/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.

The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.

Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.

Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.

The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.

GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.

Economy

Naira Loses Against Dollar Official, Black Markets

Published

4 hours ago

09/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.

At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.

At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.

However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.

Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.

On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.

Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.

Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.

Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.