Economy
High Price of Cooking Gas Worries NNPC
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited has expressed worry over the high price of cooking gas, known as Liquefied Petroleum Gas (LPG).
The Group Managing Director of the agency, Mr Mele Kyari, said efforts are already being made to address the issue, assuring that the price would soon normalise.
Speaking at the inauguration of the Emadeb Energy Services Limited’s 120MT LPG Storage and Bottling Plant in Abuja, Mr Kyari blamed supply shortage for the problem, noting that the NNPC was working to there is enough supply in the market.
He said the supply shortage was caused by the rising price of crude oil and its derivatives at the world market.
“Two things are at play; one is the supply and the other is the international price of gas. It (price) moves with the price of every other petroleum product including crude oil and its derivatives. So it is a reflection of what is happening in the international market.
“What we are doing is to increase supply. Once the supply is increased, the prices will come down,” he said.
The NNPC GMD said that the newly-inaugurated LPG plant was going to “reduce the cost of energy for Nigerians for the fact that LPG is cheaper than any other product you can think of, especially as cooking fuel.”
He commended Emadeb Energy Services Limited for building the LPG plant in Abuja, explaining that the project aligned with one of the steps the Federal Government had taken to provide gas for its citizenry.
He lauded the plan by the company to build similar plants in six different locations across the country within the next 12 to 18 months, adding that this was in line with President Muhammadu Buhari’s decade of gas initiative.
Mr Kyari said: “We are aware that a lot of institutions and companies are doing this across the country. We are selecting this in line with Mr President’s objectives to make this the decade of gas.”
He also stated that one of the many ways investors could key into the decade of gas initiative was to have facilities like this for auto-gas conversion, and also to ensure that LPG is easily accessible to people.
Mr Kyari also noted that the global energy transition had made the investment climate very ripe for gas even as he assured those investing in the LPG project that the NNPC would guarantee supply of gas to their facilities.
“We know that the investment climate is very ripe for auto-gas and auto fuel, especially in terms of LPG as a transition fuel globally. So, we know that this is a big market for Nigerian companies and this is one of the great companies that we have around.
“As NNPC, we will come in and we will guarantee supply. That is very important for us as a business. As you are aware, we are NNPC Limited in Nigeria and we also have to make money for Nigeria. We will be there in the upstream to provide the gas.”
On his part, the Chief Executive Officer of Emadeb Energy Services Limited, Mr Debo Olujimi, said that although the capacity of the plant was currently 120MT, plans were afoot to expand it to 240MT in the next 18 months.
He described the business of gas infrastructure as capital intensive and urged the federal government to encourage private investors to get value for their money.
“There is a lot of value in gas. Everybody knows that gas is the way forward and the way it is, there is much gas with the decade of gas and with over two trillion cubic feet of gas reserve.
“We are about to start developing our asset with about 200 billion cubic feet of gas at the Ibom field. We intend to convert some of the gas processed out of that facility to support the local market.
“It is capital intensive doing gas infrastructure and government needs to encourage private investors so that private people can come in with funds and equipment to get the value.
“In the electricity sector today, the major issues are the shortage of gas and the pricing of gas; those are things that the government has to help us to look at,” Mr Olujimi stated.
He disclosed that the shortage of foreign exchange was also a major challenge in the business but pointed out that the company had the support of the NNPC and it could produce its gas locally.
The company’s CEO noted that besides supporting the local LPG market, the Emadeb Group would also support gas for power.
According to him, the country’s population would have exceeded 300million in the next 10 years and it would be necessarily to serve the estimated 60 per cent of Nigerians that will be using LPG.
He said he was fulfilled that Emadeb group “is bringing in clean energy especially to the market and actually to the Abuja market. The environment here is where Abuja lives. The vast population in Abuja is within this vicinity (Lokogoma, Gaduwa, Apo, etc) and that is why we have invested this much here.
“For us, this is a model that we want to build in the downstream industry. Everybody knows the importance of cooking. We all eat food and we have decided to do this as a model for clean energy in Abuja.
“That is why we are here today; we have looked at that when we conceptualized this investment. It is 120 tonnes LPG storage.
“We have looked at this entire neighbourhood where we have about 56 estates with a minimum of 1000 households living on each estate. We looked at this that it is a good business in terms of return on investment and clean energy.
“Everybody knows the importance of LPG and we want to, in every way, ensure a clean environment in terms of retailing LPG and at the same time being able to serve the public in a very conducive environment and this is why we have conceptualized this.
“This project (plant) only serves barely less than two-thirds of the people in this environment: Lokogoma, Gaduwa, Apo Districts and all the estates around here. We decided to say let us take a model here and see how that works.”
“We want to see how we can get domestication of gas with the so much resources that we have on the ground in order to bring it up to the market locally.
“So, we don’t have to export all our handlings and so that Nigerian masses will be able to buy cheap and better LPG in the market.
“This is our model and within the next year and a half, we intend to do this in six locations across the country.”
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
By Adedapo Adesanya
The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 17, by N1.35 or 0.07 per cent to N1,380.18/$1 from N1,381.53/$1.
It also improved its value against the Pound Sterling in the same market segment during the session by N11.75 to trade at N1,854.42/£1 compared with the previous day’s N1,866.17/£1, and gained N5.69 against the Euro to sell at N1,576.99/€1 versus Thursday’s closing price of N1,582.68/€1.
In the same vein, the Naira chalked up N1 against the United States currency yesterday at the GTBank forex desk to quote at N1,388/$1, in contrast to the preceding day’s N1,389/$1, but closed flat at the black market at N1,405/$1.
The appreciation of the Nigerian currency on Friday came amid fresh signals that Nigeria is building its external reserves for protection against shocks and excessive currency volatility.
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the country’s gross reserves had risen above approximately $52 billion by 15 July, while net reserves had increased from about $3 billion when the current CBN leadership took office to more than $40 billion.
Mr Cardoso linked the increase in reserves to reforms that had restored greater confidence in the foreign exchange system. He also pointed to efforts to diversify foreign currency inflows, including policies designed to increase remittances through official channels.
He noted that monthly diaspora remittances had risen above $600 million and the CBN expected them to reach approximately $1 billion by the end of 2026. The target is part of a broader effort to grow reserves through recurring inflows rather than temporary measures.
The improvement, he argued, had strengthened Nigeria’s capacity to respond when unexpected events threatened market stability.
The apex bank has also launched a new digital platform that will track every foreign exchange transaction involving Bureau De Change (BDC) operators, marking a major step in its efforts to improve transparency and strengthen oversight of Nigeria’s retail forex market.
As for the crypto market, prices were up as markets overlooked geopolitical developments and macro forces weighing on the whole market ecosystem rather than anything crypto-specific, with Cardano (ADA) up by 4.6 per cent to $0.1661.
Bitcoin (BTC) jumped by 1.8 per cent to $63,968.32, Ethereum (ETH) improved by 0.9 per cent to $1,843.88, Dogecoin (DOGE) also rose by 0.9 per cent to $0.0723, Solana (SOL) soared by 0.6 per cent to $74.90, Ripple (XRP) also appreciated by 0.6 per cent to $1.08, and Binance Coin (BNB) advanced by 0.1 per cent to $567.32.
However, TRON (TRX) depreciated by 0.2 per cent to close at $0.3218, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
