Economy
Firm Builds Gas Plant in Lagos to Deepen LPG Penetration
By Adedapo Adesanya
The federal government, in line with its goal to expand its footprint in the manufacturing of Liquified Petroleum Gas (LPG) or cooking gas, over the weekend announced the groundbreaking of Rungas ALFA plant.
The event was performed by the Minister of State for Petroleum Resources, Mr Timipre Sylva, at Alaro City, Free Trade Zone, Epe, Lagos State.
It was gathered that plant, alongside its sister plant – Rungas Prime in Polaku, Bayelsa State, is being developed with equity investments by the Nigerian Content Development and Monitoring Board (NCDMB).
The federal government said upon its completion, the plant will have a combined capacity of over 1.2 million cylinders per annum, surpassing the record held by a European firm that produces 900 cylinders.
The Minister described the cylinder plants as key to achieving deeper penetration of LPG and Compressed Natural Gas (CNG), in line with the Federal Government’s commitment to ensure economic diversification.
He stated that cylinders are the most visible element of the LPG value chain and the manufacturing facilities will not only bring affordable and durable cylinders to Nigeria but also create countless direct and indirect jobs for citizens.
Mr Sylva also commended NCDMB for recording another milestone in the drive to enhance domestic participation and capacity building of indigenous companies in the oil and gas industry.
On his part, the Executive Secretary of NCDMB, Mr Simbi Kesiye Wabote noted that the expected completion date of the facility would be about 12 months and noted that he was confident that the Board will successfully deliver on any project it participates in.
He said the ground-breaking event confirms that Private-Public Partnership is an effective model for putting in place the needed infrastructure, facilities, and manufacturing base, to position Nigeria for the opportunities that abound in the region and continent.
Mr Wabote also affirmed the board’s excitement for being an active participant and a front-runner in taking practical steps to deliver on lofty goals of the ‘’Decade of Gas’’ that is being championed by the Minister of State for Petroleum Resources.
Other interventions by the board in the gas value-chain include the development of LPG storage terminals and jetties, inland gas processing for the production of LPG and propane, infrastructure for gas gathering and injection into gas pipeline networks and CNG facilities.
He said NCDMB was deliberate in going for the Type-3 Composite LPG cylinders considering the unique features such as safety, lightweight, and durability.
In his words, “Our handshake with the Rungas Group will catalyse the transition away from the heavy metallic LPG cylinders. It will also address the issue of high importation of LPG cylinders with the attendant economic losses.”
Other benefits of the project include helping to eliminate deaths and illnesses caused by smoke and wood fumes associated with cooking with firewood and bringing the products closer to end-users.
The NCDMB Chief noted that its interests in equity investments in strategic oil and gas projects were because the Nigerian Oil and Gas Industry Content Development (NOGICD) Act mandates the Board to build capacities in the oil and gas industry and harness opportunities to create jobs.
“You cannot create jobs if you do not get involved in projects. We expect that during the construction phase, hundreds of people will be involved and during the operations phase, direct and indirect jobs will be created. There is no way to create jobs if you do not create the opportunity.
“As a country, we cannot continue to sit and wait for people to bring opportunities for us. We must create those opportunities so we can employ our youths.
“We have proven the concept with regards to a modular refinery and today, the Waltersmith modular refinery cannot even meet demand from customers for its products. Imagine that we had done this in the past; today we would not be discussing the issue of fuel availability or scarcity in this country.”
Also speaking, the Chief Executive Officer, Rungas Group, Mr Lanre Runsewe lauded the NCDMB for triggering the local manufacturing of safe cooking gas cylinders and becoming the catalyst for the rapid industrialisation of gas-based Industries.
He stated that “without the NCDMB initial and extended facilitation for the local manufacture of cooking gas cylinders in Nigeria, it would have been more difficult and expensive to implement the imminent National Gas Expansion Programme (NGEP) rollout, due to lack of locally manufactured safe cylinders. The country would have had to resort to importation.”
He also revealed that NCDMB’s participation and the substantial quantity of cylinders to be manufactured had “triggered a clause in our contractual agreements based on one million cylinders with our Italian, Portuguese Original Equipment Manufacturers which will result in direct investments of over $40 million to produce some of our key raw materials in Nigeria. We are currently working in conjunction with our Alaro City Partners to position them in this Free Trade Zone.”
The Chairman, Rungas Group, Mr Shuaibu Ahmed added the facility in Bayelsa was Africa’s first composite cylinder manufacturing plant and expressed hope that the facilities would produce enough products to meet local demand and export to other countries, earning the nation much needed foreign exchange.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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