Economy
Marketers Lament Rising Cost of Cooking Gas
By Adedapo Adesanya
The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has appealed to the federal government to urgently intervene in arresting the hike in the prices of cooking gas across the country.
The group, in an open letter jointly signed by its Executive Secretary, Mr Bassey Essien, and its National Public Relations Officer, Mr Raphael Aguele, on Friday, lamented that the sharp rise was unbearable and was affecting their business.
In the letter addressed to the Minister of State for Petroleum Resources, Mr Timipre Sylva, the body decried the fact that the price of 12.5 kg of cooking gas has increased from N3,300 to N4,200 and N5,500 at retail outlets in the last few months.
NALPGAM appealed to the government to put in place a policy that would encourage full domestication of Liquefied Petroleum Gas (LPG), also known as cooking gas.
The marketers said every local producer of gas should be mandated to domicile all molecules produced in the country as against the situation of being a major exporter of gas produced as well as a major importer of gas.
“If all molecule of gas produced should be domesticated, the local markets will be adequately supplied and prices stabilised.
“By this way, the concerted efforts of the federal and state government agencies to encourage the use of gas would not be in vain.
“Thus, we urge your urgent intervention to address the plight of stakeholders; else all the expansion programmes of the government would be an exercise in futility,” NALPGAM said.
The marketers noted that the government, in line with its aspiration to deepen gas utilisation in Nigeria, had urged investors to harness investment opportunities in the entire gas value chain to bridge the gap in other domestic gas usage in the country.
They said the significant growth in local consumption of LPG had been hinged on many Nigerians converting to cooking gas for domestic and commercial uses.
According to NALPGAM, the country’s local consumption which hitherto stood at about 70,000 metric tonnes as of 2007 had grown to over one million metric tonnes as at end of 2020.
“A major challenge with LPG utilisation in Nigeria is the issue of inconsistent availability and ever galloping gas price with the attendant depot landing costs and other associated charges.
“The domestic availability has been skewed majorly to 65 per cent import dependence, while only 35 per cent has been attributed to local supply.
“The price of LPG has exponentially skyrocketed over the last few months.
“The cost of LPG early in 2020 was N3.4 million per 20MT truck, but by December 2020, it had gone up to N5.4 million; N5.6 million in January 2021 and N6 million per 20 MT by February.
“The galloping price increases have not only choked marketers but have also strangulated consumers, thus making a mockery of the whole gas expansion plan of the government,” the marketers said.
They noted that the gains made in the huge conversion rate to LPG usage which had moved the per capita consumption from 1.5kg to over 3kg have gradually reduced because of the domestic costs of LPG.
The marketers said a majority of users of LPG were gradually reverting to the use of kerosene and firewood with the obvious known health implications.
NALPGAM also alleged that LPG operations at the Nigerian Petroleum Development Company (Oredo IGHF Plant), Ologbo, Edo State were dominated by “middlemen”.
They said: “These middlemen without identifiable LPG bottling plants are hawking LPG allocations from plant to plant for patronage at exorbitant prices.
“Equally, disturbing is the fact that gas plant owners in the Edo/Delta region with their verifiable large storage capacities have not been granted any off-taker facility despite the location of the project in the region.”
By Adedapo Adesanya
The Economic and Financial Crimes Commission (EFCC) has intercepted eight trucks transporting suspected illegally mined solid minerals in Benue State as it intensifies the crackdown on illegal mining activities in the North Central region of the country.
This was disclosed in a statement by the anti-graft agency, on its official X handle, where it confirmed the arrests of the individuals involved.
The EFCC stated that the trucks were seized on Wednesday, March 19 in the Katsina-Ala Local Government Area of Benue State.
According to the EFCC, preliminary investigations revealed that the minerals—believed to be fluorite and iron stones—were mined from unauthorized sites in Logo Local Government Area of the state.
Business Post reports that the Benue State government had paused all mining activities, as it was responsible for some of the crisis in the state.
“We are determined to combat the illegal mining of Nigeria’s mineral resources and bring perpetrators to justice. The suspects will be charged to court as soon as investigations are concluded,” EFCC tweeted on X, formerly known as Twitter.
Illegal mining has been a growing concern in Nigeria, with authorities warning that the illicit extraction of solid minerals deprives the country of valuable revenue and contributes to environmental degradation.
The EFCC was involved in the issue of mining to quell further economic losses facing the nation.
According to the Minister of Solid Minerals, Mr Dele Alake, the government is losing trillions of Naira to unregulated and illegal mining activities.
He disclosed earlier this week that the Federal Executive Council (FEC) had approved N2.5 billion for the procurement of an integrated solution framework to combat illegal and unregulated mining activities.
He also disclosed that his ministry had opted for dialogue and collaboration with state governors rather than confrontation, saying many governors were initially unaware of the constitutional framework governing mining, but have now been engaged through discussions facilitated by the Nigeria Governors’ Forum (NGF).
Mr Alake noted that states must collaborate with federal authorities in addressing illegal mining and related criminal activities.
By Aduragbemi Omiyale
As part of the 2025 Global Money Week celebration, over 200 students were recently selected and equipped with essential financial literacy skills.
This seminar on money management tips was put together by the Nigerian Exchange (NGX) Group Plc, in collaboration with the Central Bank of Nigeria (CBN) and MinieMoney.
It underscored a shared commitment to fostering financial inclusion and equipping young Nigerians with the knowledge required for long-term financial well-being.
The event was organised to mark the Global Money Week, is a global initiative currently in its 13th edition designed to promote financial education among young people, ensuring they develop the critical thinking skills needed to make informed financial decisions.
The 2025 theme, Think Before You Follow, Wise Money Tomorrow, reinforces the importance of strategic financial planning from an early age.
The Head of Trading and Products at NGX, Mr Abimbola Babalola, highlighted the transformative power of financial literacy in shaping students’ futures.
“The financial choices you make today will determine the quality of your life tomorrow. Understanding saving, investing, and responsible money management early on will put you on the path to financial success,” he stated.
Also, the Assistant Director of the Consumer Protection Department at CBN, Mr Christian Mordi, introduced the CBN’s ‘Sabi Money’ platform, designed to enhance financial education nationwide.
“Financial literacy extends beyond numbers; it is about developing discipline, patience, and informed decision-making skills that foster economic security,” he noted.
On his part, the chief executive of MinieMoney, Mr Gbolahan Faniran, emphasized the importance of early investment habits and leveraging the power of compound interest.
“Achieving financial success is not about following trends but about making intentional money choices today that ensure a secure future,” he said.
Business Post reports that students from Vivian Fowler Memorial College for Girls, Dansol High School, Kith and Kin Educational Schools, Caleb British International School, Lagos Preparatory and Secondary School, and The Bells Comprehensive Secondary School attended the programme.
They engaged in insightful discussions on financial literacy, investment strategies, and capital market operations, with the added opportunity to experience firsthand the dynamics of the NGX trading floor.
By Adedapo Adesanya
The trio of Geo-Fluids Plc, Food Concepts Plc, and Industrial and General Insurance (IGI) Plc were extended the stay of the NASD Over-the-Counter (OTC) Securities Exchange in the red region for another trading day, weakening the alternative stock exchange further by 0.13 per cent on Thursday, March 20.
Geo-Fluids Plc lost 15 Kobo to trade at N2.70 per unit compared with the previous day’s N2.85 per unit, Food Concepts Plc declined by 6 Kobo to close at N1.49 per share versus Wednesday’s closing price of N1.55 per share, and IGI Plc tumbled by 2 Kobo to settle at 37 Kobo per unit, in contrast to the 39 Kobo per unit it traded a day earlier.
As a result, the NASD Unlisted Security Index (NSI) went down by 4.36 points to close at 3,373.62 points, in contrast to the previous trading day’s 3,377.98 points.
In the same vein, the market capitalisation of the bourse depreciated by N2.51 billion to settle at N1.948 trillion compared with the preceding day’s N1.951 trillion.
During the trading session, the volume of securities traded at the bourse crumbled by 99.4 per cent to 201,873 units from the 31.3 million units recorded on Wednesday, the value of securities bought and sold by the market participants moderated by 97.7 per cent to N776,509.51 from the N33.3 million quoted a day earlier, and the number of deals carried out by investors decreased by 26.1 per cent to 17 deals from 23 deals.
When the market closed for the day, Impresit Bakolori Plc remained the most active stock by value (year-to-date) with 533.9 million units sold for N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.5 million units worth N359.5 million.
In the same vein, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units valued at N520.9 million, trailed by IGI Plc with 69.9 million units sold for N23.7 million, and Geo-Fluids Plc with 44.1 million units worth N88.9 million.
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