Economy
Nigeria Imports 63.3% of Cooking Gas from Argentina, Others
By Adedapo Adesanya
The Petroleum Products Pricing Regulatory Agency (PPPRA) has disclosed that in March 2021, a total of 63.3 per cent of Liquefied Petroleum Gas (LPG), also known as cooking gas, supplied in the Nigerian market, were imported.
According to the latest LPG Consumption data from the agency, this represented 77,840.6 metric tonnes of LPG in a vacuum (MT VAC) imported into the country in the month under review.
In general, the downstream petroleum industry regulator stated that a total of 123,076.332 MT VAC of LPG was supplied in the country in March 2021, 32.7 per cent higher than the 92,741.7 MT VAC of LPG supplied in February 2021; and 71.8 per cent higher than the 71,650.5 MT VAC supplied in March 2020.
The PPPRA report added that the volume of cooking gas imported in March 2021, was 76.2 per cent higher than the 44,179.7 MT VAC of cooking gas import in February 2021, and 97.5 per cent higher than the 39,419.8 MT VAC of the commodity imported in March 2020.
The PPPRA disclosed that the cooking gas imported into the country were sourced from the United States of America, Argentina and Equatorial Guinea.
On the other hand, the report noted that 45,235.7 MT VAC of cooking gas was sourced locally in March 2021, representing 36.,7 per cent of total gas supplied in the month under review.
The volume of LPG sourced locally in the month under review was 6.9 per cent lower than the 48,562.0 MT VAC of LPG sourced locally in February 2021, and 40.4 per cent higher than the 32,230.6 MT VAC gotten from the same source in March 2020.
The companies in the supply of LPG in the Nigerian market in March 2021, according to the report, were Algasco LPG Services Limited, a subsidiary of Vitol; NIPCO, Prudent Energy and Services Limited, Rainoil, Matrix Energy, Techno Oil, Stockgap Fuels Limited, Greenville Natural Gas Limited and PNG Gas Limited.
In the import category, the report noted that Algasco shipped in 10,068.1 MT, 22,300.1 MT and 9,771.5 MT of LPG from the US in three tranches, between March 1 and March 28, 2021; NIPCO imported 6,090.1 MT of LPG from Argentina, while Prudent imported 5,695.2 MT and 5,699.5 MT of the commodity, from Argentina and the USA respectively.
Rainoil and Matrix imported 6,200.1 MT and 6,508.7 MT of LPG, respectively, from Equatorial Guinea; while Techno Oil imported 5,507.3 MT of cooking gas from Argentina in the month under review.
In the locally-sourced category, the PPPRA report stated that NIPCO sourced 10,780.1 MT and 13,168.2 MT of LPG from the Bonny River Terminal (BRT) and the Nigeria Liquefied Natural Gas (NLNG), Bonny, respectively; while Algasco and Stockgap purchased 13,151.3 MT and 8,136.1 MT of LPG, respectively, from NLNG, Bonny.
Greenville and PNG Gas, who are mainly off-takers, received 197.9 MT and 1,460.3 MT respectively.
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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