Economy
Petrol, Diesel, Cooking Gas Prices Jump
By Adedapo Adesanya
Nigerians had to contend with an increase in the prices of energy fuels in the month of November, with the cost of purchasing Premium Motor Spirit (Petrol), Automotive Gas Oil (Diesel), and Liquefied Petroleum Gas (Cooking Gas) rising.
This was gathered by Business Post from the latest data sets provided by the National Bureau of Statistics (NBS) on Tuesday.
The average retail price paid by consumers for petrol for November 2022 was N202.48, indicating a 29.8 per cent increase when compared to the value recorded in November 2021 (N167.60). Likewise, comparing the average price value with the previous month (October 2022), the average retail price increased by 3.7 per cent from N195.29.
This is as the country battled fuel scarcity which saw Nigerians queued for fuel due to the unavailability of the commodity despite claims of self-sufficiency by the Nigerian National Petroleum Company (NNPC) Limited.
On the state profiles analyses, Kwara State had the highest average retail price for the commodity at N217.14. Enugu and Gombe States were next, with N215.71 and N215.00, respectively.
On the other side, Ekiti, Akwa Ibom and Delta States had the lowest average retail prices at N189.06, 189.33 and 190.00, respectively.
By the zonal profile, the NBS report showed that the North-Central zone had the highest average retail price of N207.35, while the South-South zone had the lowest price of N194.58.
For diesel, the average price paid by consumers in the month under review was N808.87 per litre. This shows an increase of 191.14 per cent on a year-on-year basis from a lower cost of N277.83 per litre recorded in the corresponding month of last year.
While on a month-on-month basis, the price increased by 0.97 per cent from N801.09 recorded in the preceding month of October 2022. Looking at the variations in the state prices, the top three states with the highest average price of the product in November 2022 include Ebonyi (N869.00), Plateau (N865.00) and Nasarawa (N858.89).
Furthermore, the top three lowest prices were recorded in the following State, namely Akwa Ibom (N750.00), Benue (N772.00) and Borno (N780.50)
The zonal representation of the average price of diesel also showed that North-Central has the highest price of N826.88 while the South-South zone has the lowest price of N783.73 when compared with other zones.
The average retail price for refilling a 5kg cylinder of LPG, otherwise known as cooking gas, sold for N4,549.14 in November 2022, which on a year-on-year basis, indicated a 37.3 per cent rise from N3,312.42 in November 2021.
The price, however, increased by 1.46 per cent on a month-on-month basis from N4,483.75 recorded in October 2022.
On State profile analysis, Niger recorded the highest average price for refilling a 5kg cooking gas with N4,983.33, followed by Kwara with N4,963.33, and Adamawa with N4,960.00. On the other hand, Abia recorded the lowest price with N4,125.00, followed by Delta and Anambra with N4,202.78 and N4,204.17, respectively.
In addition, analysis by zone also showed that the North-Central recorded the highest average retail price for refilling a 5kg cylinder of LPG with N4,852.74, followed by the North-East with N4,606.80, while the South-East recorded the lowest with N4,357.18.
By Adedapo Adesanya
The federal government has imposed an immediate nationwide ban on the export of wood and allied products, revoking all previously issued licenses and permits to exporters.
The announcement was made on Wednesday by the Minister of Environment, Mr Balarabe Lawal, during the 18th meeting of the National Council on Environment in Katsina State.
Mr Lawal said the directive, outlined in the Presidential Executive Order titled Presidential Executive Order on the Prohibition of Exportation of Wood and Allied Products, 2025, became necessary to curb illegal logging and deforestation across the country.
“Nigeria’s forests are central to environmental sustainability, providing clean air and water, supporting livelihoods, conserving biodiversity, and mitigating the effects of climate change,” the Minister said, warning that the continued exportation of wood threatens these benefits and the long-term health of the environment.
The order, published in the Extraordinary Federal Republic of Nigeria Official Gazette No. 180, Vol. 112 of 16 October 2025, relies on Sections 17(2) and 20 of the 1999 Constitution (as amended), which empower the state to protect the environment, forests, and wildlife and prevent the exploitation of natural resources for private gain.
Under the new policy, security agencies and relevant ministries are expected to enforce a total clampdown on illegal logging activities nationwide.
On his part, the Katsina State Deputy Governor, Mr Faruk Lawal Jobe highlighted the state’s history of pioneering socio-economic policies that have influenced national policy. He emphasized the importance of collaboration in addressing environmental challenges across the country.
“Environmental sustainability is critical to achieving growth and improving the quality of life of our people,” he said. “Our administration has prioritised initiatives aimed at combating desertification and promoting afforestation.”
The ban reflects the government’s commitment to safeguarding Nigeria’s shrinking forest cover and addressing climate change, while ensuring sustainable use of natural resources for future generations.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.24 per cent on Wednesday, December 17, pulling the Unlisted Security Index (NSI) up by 8.62 points to 3,614.64 points from 3,606.02 points.
In the same vein, the market capitalisation added N4.72 billion to close at N2.164 billion compared with the N2.160 trillion it ended on Tuesday.
The growth was inspired by four securities, which finished on the gainers’ log, neutralising the losses printed by two other securities on the trading platform.
MRS Oil Plc gained N17.90 on Wednesday to end at N196.90 per unit versus N179.00 per unit, NASD Plc appreciated by 59 Kobo to N58.50 per share from N57.91 per share, FrieslandCampina Wamco Nigeria Plc added 15 Kobo to sell at N60.19 per unit versus N60.04 per unit, and Industrial and General Insurance (IGI) Plc rose by 6 Kobo to 64 Kobo per share from 58 Kobo per share.
On the flip side, Golden Capital Plc extended its loss by 76 Kobo to end at N7.75 per unit versus N8.51 per unit, and Central Securities Clearing System (CSCS) Plc slipped by 35 Kobo to N39.65 per share from N40.00 per share.
Yesterday, the volume of transactions increased by 737.3 per cent to 20.4 million units from 2.4 million units, but the value of trades fell by 33.8 per cent to N72.2 million from N109.1 million, and the number of deals slid by 62.5 per cent to 21 deals from 56 deals.
Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value on a year-to-date basis with 5.8 billion units sold for N16.4 billion, the second position was occupied by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and the third place was taken by MRS Oil Plc with 36.1 million units worth N4.9 billion.
InfraCredit Plc was also the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, followed by IGI Plc with 1.2 billion units valued at N420.7 million, and Impresit Bakolori Plc with 536.9 million units worth N524.9 million.
By Dipo Olowookere
A 0.26 per cent growth was achieved by the Nigerian Exchange (NGX) Limited on Wednesday on the back of sustained bargain-hunting by investors.
This happened despite a pocket of profit-taking, with industrial goods losing 0.63 per cent and the energy index shedding 0.05 per cent.
But the insurance space increased by 2.02 per cent, the banking counter appreciated by 1.48 per cent, the commodity sector improved by 0.48 per cent, and the consumer goods segment rose by 0.03 per cent.
Consequently, the All-Share Index (ASI) went up by 383.71 points to 149,842.82 points from 149,459.11 points and the market capitalisation jumped by N244 billion to N95.525 trillion from N95.281 trillion.
The market breadth index remained positive after the bourse finished with 38 price gainers and 23 price losers, indicating a strong investor sentiment.
The quartet of First Holdco, Lasaco Assurance, Veritas Kapital, and Prestige Assurance gained 10.00 per cent to quote at N39.60, N2.75, N1.76, and N1.65, respectively, while Mecure Industries grew by 9.92 per cent to N50.40.
Conversely, Living Trust Mortgage Bank lost 10.00 per cent to close at N3.15, International Energy Insurance dropped 9.92 per cent to trade at N2.27, McNichols shrank by 6.90 per cent to N2.97, Omatek decreased by 6.84 per cent to N1.09, and Chams dipped by 6.41 per cent to N2.92.
The activity level witnessed a significant surge at midweek, with Ecobank trading 5.3 billion units for N168.7 billion.
Further, First Holdco sold 108.2 million units worth N4.2 billion, Sterling Holdings exchanged 87.3 million units valued at N606.2 million, FCMB transacted 74.3 million units worth N783.6 million, and Access Holdings sold 41.5 million units for N841.4 million.
At the close of trades, market participants traded 5.9 billion units valued at N216.2 billion in 25,205 deals compared with the 1.0 billion units worth N21.8 billion traded in 23,701 deals a day earlier, showing a rise in the trading volume, value, and number of deals by 490.00 per cent, 891.74 per cent, and 6.35 per cent, respectively.
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