Economy
Sanwo-Olu Slams FG for High Cost of Cooking Gas
By Modupe Gbadeyanka
**Moves to Ramp up Supply, Crash Price
Governor Babajide Sanwo-Olu of Lagos State has slammed the federal government for being behind the high cost of cooking gas in the country.
Speaking on Thursday at the commissioning of a 40 metric tons Liquefied Petroleum Gas (LPG) refill plant in the Ikorodu area of the state, he attributed the rising price of gas to the introduction of 7.5 per cent VAT and foreign exchange (FX) crisis, a statement posted on the Facebook page of the state government disclosed.
According to him, these issues caused the spike in the price of the product, saying this was “unacceptable” in the face of the high cost of living.
However, he assured that this may soon be a thing of the past as his administration has taken a huge step to ramp up supply and make the product available to residents at cheaper rates.
The new plant in Ikorodu is operated by the state-owned energy firm, Ibile Oil and Gas Corporation (IOGC), and it is the fourth delivered by the corporation. Three other refill plants of varying capacities were built in the Amuwo Odofin, Alimosho and Iponri areas of the state.
The Governor disclosed that his administration decided to establish the plants to cut down the use of dirty fuels responsible for carbon emission and air pollution.
According to him, the energy project was initiated to key into the nation’s ambitious goal to develop the natural gas industry and encourage domestic use of safe cooking gas.
In Lagos, less than 30 per cent of households use gas for cooking. As an alternative to kerosene and charcoal, LPG is a clean-burning fuel that supports smoke-free indoor and outdoor cooking.
Mr Sanwo-Olu said the inclusion of gas into the state’s energy mix was critical to the continuous prosperity of Lagos, stressing that the project would not only transform the State into a gas economy and stimulate commercial growth but also enhance the quality of life by reducing carbon footprint in the environment.
The target, the Governor said, is to increase the supply of cooking gas in local communities, thereby raising domestic LPG usage from the current 25 per cent to about 80 per cent before the end of 2023.
He said: “The gas plant being commissioned today reflects the desire of our administration to align with the global action to reduce carbon emission and address the climate change challenge. One of the measures, which this gas plant will support, is promoting increased adoption of LGP for domestic use in Lagos.
“Our vision is to transit the State into a gas economy and ensure an energy mix that provides different fuelling options for residents with the introduction of Gas-for-Transport and Gas-to-Power projects. Expanding the domestic usage of LPG is critical to the continuous prosperity of Lagos and the attainment of our administration’s desire to transform the State into a 21st-century economy.”
Mr Sanwo-Olu said the increment in LPG price puts the nation at the risk of reversing all gains achieved from awareness of the advantages of using LPG for domestic cooking.
The Governor urged the federal government to reverse the trend in order to make the commodity affordable, while also increasing the availability of safe cooking gas in the country.
He said: “Not only are we excited with our modest intervention by Lagos in the LPG market, but it is also only when we reduce the cost of basic commodities such as cooking gas that the true dividends of democracy can be felt by the people.
“We have done a lot of advocacy for people to appreciate the benefit that comes with the use of gas for domestic cooking, such as reduction in carbon footprint, and improved quality of life. If we have made this great effort, the least the government can do is not to make the commodity unaffordable for the populace.”
The Commissioner for Energy and Mineral Resources, Mr Olalere Odusote, said the plant was built with the highest safety standards, noting that the siting of the facility was deliberate to serve a large number of the populace.
He said the state had the plan to expand the gas facility to 20 units which would be spread across all divisions.
Managing Director of IOGC, Ms Doyin Akinyanju, said the gas plants developed by the corporation had the capacity to supply 20,000 homes within the radius of operation, adding that jobs were created for young people in the supply chain through the use of purpose-built vehicles for door-to-door delivery in neighbourhoods.
She said: “Nigeria has an abundant gas deposit that needs to be rapidly developed. Lagos also is blessed with two known offshore fields – Aje and Ogo – in Badagry with large gas deposits. IOGC is taking steps to develop a bulk offtake facility that will ensure gas security in Lagos, as well as provide a competitive pricing advantage.
“We will continue our sensitisation and awareness campaign in the neighbourhoods where we are located to take Lagosians away from the use of dirty fuels like firewood, charcoal, kerosene to Gas for cooking. Today, we start a new journey with cooking gas by creating a market that will make it safely accessible.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange opened the week with a 0.52 per cent rise on Monday, July 20, driven by renewed buying interest.
The volume of securities traded during the opening session surged by 6,663.3 per cent to 52.6 million units from the previous 777,002 units, and the value of securities rose by 200.9 per cent to N191.2 million from the preceding session’s N104.2 million, while the number of deals depreciated by 15.2 per cent to 28 deals compared to the preceding session’s 33 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion in trades, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
Yesterday, there were two price gainers and three price losers, led by FrieslandCampina Wamco Nigeria Plc, which slid by 66 Kobo to end at N141.15 per unit versus last Friday’s N141.81 per unit, Food Concepts Plc lost 24 Kobo to close at N2.31 per share versus N2.55 per share, and Geo-Fluids Plc declined by 17 Kobo to settle at N2.25 per unit compared with the previous closing price of N2.42 per unit.
Conversely, CSCS Plc chalked up N5.19 to close at N99.33 per share versus N94.14 per share, and Mass Telecoms Plc appreciated by 3 Kobo to sell at 35 Kobo per unit from 32 Kobo per unit.
As a result, the market capitalisation increased by N13.57 billion to N2.606 trillion from N2.593 trillion, and the NASD Security Index (NSI) gained 22.6 points to quote at 4,343.27 points, in contrast to the previous 4,320.67 points.
By Adedapo Adesanya
The Naira almost traded flat against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, July 20. It gained 7 Kobo during the session to sell at N1,380.11/$1, in contrast to last Friday’s value of N1,380.18/$1.
It also appreciated against the Euro in the same market window during the session by N1.64 to close at N1,575.95/€1 versus the preceding session’s N1,576.99/€1, but depreciated against the Pound Sterling by N2.93 to trade at N1,857.35/£1 compared with the previous trading day’s N1,854.42/£1.
At the GTBank forex desk, the Nigerian Naira lost N1 against the US Dollar to quote at N1,389/$1 versus N1,388/$1, and at the black market, it traded flat at N1,405/$1.
Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover settled at $266.2 million, 7.5 per cent lower than the previous close of $287.8 million. Also, the number of deals at the interbank FX market declined to 68 from 106.
Despite this, there are signals that the Naira has pillars that can prop up its stability. Updated data from the apex bank showed Nigeria’s gross foreign exchange reserves increased to $51.92 billion as of July 16, 2026, reflecting continued improvements in the country’s external position.
A slew of analysts predict further increases will lift the gross balance above $52 billion this week, the highest seen since 2009.
Also, there are expectations that the country will be able to boost remittances into the country to $1 billion on a monthly basis by the end of the year; this will help ease pressure on the FX markets.
Meanwhile, in the crypto market, Bitcoin (BTC) climbed to about $65,500, reaching a two-week high, as the semiconductor selloff that dragged crypto lower last week reversed and Asian chip stocks led a broad risk rally. It rose by 2.4 per cent to $65,676.01.
There was also support from five straight days of inflows into US spot Bitcoin ETFs totalling more than $600 million, marking the strongest stretch of institutional buying since mid-July.
Cardano (ADA) jumped by 8.3 per cent to $0.1756, Ethereum (ETH) grew by 4.0 per cent to $1,930.33, Ripple (XRP) improved by 3.9 per cent to $1.13, Solana (SOL) appreciated by 3.2 per cent to $78.34, Binance Coin (BNB) added 1.9 per cent to sell for $575.34, and Dogecoin (DOGE) expanded by 1.7 per cent rise to $0.0729.
However, TRON (TRX) declined by 0.1 per cent to $0.3261, and the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each
By Dipo Olowookere
Sustained bargain-hunting in local stocks further lifted the Nigerian Exchange (NGX) Limited by 1.12 per cent on Monday.
The buying pressure was across the major sectors of Customs Street, though the consumer goods space came under profit-taking, closing flat.
But the banking counter expanded by 3.14 per cent, the industrial goods index gained 2.82 per cent, the insurance sector increased by 0.25 per cent, and the energy segment soared by 0.08 per cent.
Consequently, the All-Share Index (ASI) surged by 2,721.83 points to 246,183.96 points from 243,462.13 points, and the market capitalisation went up by N1.755 trillion to N158.812 trillion from N157.057 trillion.
Custodian Investment and NEM Insurance chalked up 10.00 per cent each to sell for N75.90 and N30.80, respectively, BUA Cement rose by 9.98 per cent to N303.10, First Holdco improved by 9.95 per cent to N105.50, and FTN Cocoa advanced by 9.94 per cent to N9.29.
On the flip side, SUNU Assurances shrank by 10.00 per cent to N3.60, Tripple Gee slipped by 9.77 per cent to N3.51, ABC Transport tumbled by 9.62 per cent to N7.05 per cent, Abbey Bank crashed by 9.00 per cent to N9.10, and Coronation Insurance dipped by 7.69 per cent to N2.40.
The market breadth index was flat yesterday, as there were 31 price gainers and 31 price losers.
First Holdco led the activity chart during the session, with a turnover of 203.9 million shares valued at N21.5 billion. Access Holdings sold 190.7 million equities worth N4.8 billion, UBA traded 29.2 million stocks for N1.4 billion, Zenith Bank transacted 24.7 million shares valued at N2.9 billion, and Sterling Holdings exchanged 23.6 million equities worth N187.4 million.
When trading activities ended at 4 pm, investors traded 851.6 million stocks for N49.6 billion in 56,873 deals compared with the 685.9 million stocks valued at N42.7 billion transacted in 44,134 deals last Friday, representing a rise in the trading volume, value, and number of deals by 24.16 per cent, 16.16 per cent, and 28.86 per cent, respectively.
