Nigerians Pay More For Cooking Gas as Price Doubled in the Last 12 Months – Investors King Ltd

On a year-on-year basis, the average retail price of cooking gas rose from N400 in August 2021 to N809 in August 2022
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On a year-on-year basis, the average retail price of cooking gas rose from N400 in August 2021 to N809 in August 2022. This represents an increase of 102.38 per cent in the period under review.
According to a report released by the National Bureau of Statistics (NBS), a kg of gas was sold for N789.75  in July 2022 and rose to N809.52 kobo in August 2022. This indicates an increase of 2.50 percent on a month-on-month basis. 
The report also stated that gas was sold for different prices across states in Nigeria. 
The highest average prices per litre in August were recorded in the states of Imo with N1083.33, Ekiti with N1,026.92 and Enugu with N1,017.74.
Meanwhile, Nasarawa state recorded the lowest price of gas per kg with N627.45 kobo. This was followed by River with N627.45 and Adamawa with N633.33.
In the zonal analysis, cooking gas was sold higher in the South East when compared to other zones. It was sold at the average retail price of N953.88 per kg. South-West followed with N910.85 per kg while the South-South recorded the lowest with N749.51.
Investors King learnt that many consumers are having difficulty adjusting to the high cost of cooking gas. They lament that the high cost of food and the increase in cooking gas are making life unbearable for them.
Analysts believed the increase in price is due to the scarcity of the commodity in Nigeria, a nation with vast gas reserves but limited infrastructure or technical know-how on gas processes. 
Also, the wide foreign exchange rate between Nigerian Naira and its global counterparts is forcing many Nigeria’s gas producers to export their product instead selling in the local market.
In August, European Union Ambassador to Nigeria, Isopi, Nigeria is the fourth largest exporter of Gas to Euro-area due to the ongoing crisis in Ukraine, hence why he was in Nigeria to strengthen the economic relationship between Nigeria and Europe, particularly in the area of possible increase in the supplies of Liquefied Natural Gas (LNG).
He said “Nigeria is the fourth gas supplier to Europe. At least 40 per cent of the Nigerian LNG is currently exported to Europe. We are not only major clients for Nigeria, we are also major partners in the oil and gas sector because some of the companies that are working with you are from Europe.  So we share the same interest and same objectives.”

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Lawmakers in Nigeria have expressed concerns over the incessant crude oil theft witnessed in the country as Nigeria’s debt reaches an all-time high of N42.84trn.
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Lawmakers in Nigeria have expressed concerns over the incessant crude oil theft witnessed in the country as Nigeria’s debt reaches an all-time high of N42.84trn.
The Speaker, of the House of Representatives, Hon. Femi Gbajabiamila, while delivering his welcome remarks after the house resumed from a recess, stated that the continuous oil theft witnessed in the country has so far sabotaged Nigeria’s economy as there is a massive decline in the volume of crude oil exports.
He further stated that this act carried out by unscrupulous people is nothing but treason against the country, for which they must be severely dealt with.
He described those who carry out such dastardly acts as not being different from terrorists and insurgents.
In his words: “Due to theft and various acts of economic sabotage, we are experiencing a massive decline in the volume of crude oil exports.
“Our crude oil export of 972,394 BPD for August is the lowest we have recorded in the last two decades. 
“At a time when we are already experiencing severe financial constraints, there are mechanisms in place to prevent these sorts of bad actors, and the government spends significant amounts of money each year to protect oil and gas resources in the country. 
“Evidently, these existing arrangements do not suffice. As such, there is an urgent need to review them and make the necessary improvements. 
“It is also of particular importance that the perpetrators of these crimes against the state are identified, prosecuted, and subjected to the stiffest penalties the law allows. 
“Those who seek to impoverish our country in this manner have declared war against the Nigerian people. The government’s response must be sufficient to convince them of the error of their ways and deter others who might be tempted to join in their treason.   
“I met with the Finance Minister and the DG Budget and made it clear to them that enough of crude oil theft. Nigerians don’t want to hear that again. What do you intend to do about it? That’s the important question.” 
According to the managing director of the Nigerian National Petroleum Corp. (NNPC) Mele Kyari, he had disclosed that thieves from all levels in the country steal 200,000 barrels of crude oil per day.
It should be recalled that in 2021, Investors King reported that Nigeria lost $3.5 billion to crude oil theft.

The central banks of the three biggest economies in Africa are expected to raise interest rates in days to come in an effort to curb rising inflation rates.
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The central banks of the three biggest economies in Africa are expected to raise interest rates in days to come in an effort to curb rising inflation rates.
In recent events, Africa, like its global counterparts has struggled to tame rising inflation rates amid the persistent increase in commodity prices, food shortage, weak economic fundamentals, and low purchasing power.
Central banks in Nigeria, South Africa, and Egypt, the three largest economies on the continent, could raise interest rates further this month in a move to cap escalating consumer prices and reduce the currency in circulation, according to a series of projections by economic experts.
In August 2022, inflation in Nigeria, Africa’s largest economy, grew at a 17-year high of 20.52% year-on-year despite efforts by the Central Bank of Nigeria (CBN) to rein in prices and cool the economy. The apex bank has raised interest rates by 150 basis points from 12.5% to 14% this year alone, there seems to be no solution in sight.
The persistent increase in prices at a period when the foreign exchange rate is at a record-high of N700/US$1 on the black market, the unemployment rate at 33.33%, foreign reserves below $40 billion, and retail sales below the norm, has forced the CBN to damn the consequence and consistent raise interest rates.
If the CBN moved as expected, the apex bank would have risen interest rates three times this year.
In South Africa, the second largest economy on the African continent, the story is not different as experts have started predicting that the Reserve Bank of South Africa will raise the monetary policy rate by 75 basis points from the current 5.5% to 6.25% this month.
Inflation rose to 7.8% in July, above central bank’s 3% – 6% inflation target.
As expected, economists surveyed by Bloomberg in its latest report, believed that with inflation at 14.6% in Egypt in the month of August, the central bank in Africa’s third-largest economy will likely move to curb rising prices.
Bloomberg noted that “while a minority of forecasters predict the benchmark deposit rate will stay at 11.25% for a third meeting, most see an increase of 50 to 100 basis points to curb annual inflation that hit its highest level in almost four years.”

Lagos state has been named the fourth wealthiest city in Africa with $97 billion of private wealth
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Nigeria’s most populous city and economic hub, Lagos state has been named the fourth wealthiest city in Africa with $97 billion of private wealth.
This is contained in the Africa Wealth Report 2022 released by Henley & Partners in partnership with New World Wealth.
The city of Lagos has been described as Nigeria’s most exclusive city to live in, attracting 77 new residents from other parts of Nigeria every hour coupled with a thriving startup ecosystem.
The report released by Henley and Partners reveals Johannesburg also known as ‘Joburg’ as the richest city in Africa with about 15,200 millionaires out of which two are billionaires.
In second place is Cairo, the capital city of Egypt with 7,800 millionaires.
Capetown, known as the legislative capital of South Africa, occupies the third position with a total wealth of $133 billion and a population of more than 3.5 million. The city has one dollar billionaire.
Lagos occupies the fourth position on the list with 6,300 persons worth over $1 million and three residents worth more than $1 billion.
Lagos has been described as the most populated city in Africa and a major contributor to the Nigerian economy. Largely due to its international seaports and airports.
The report further disclosed that the number of high-net-worth individuals in Lagos has increased by 22% while 330 people are said to now have fortunes worth more than $10 million and 20 residents are reportedly worth more than $100 million.
However, Lagos comes behind the likes of South Africa’s Johannesburg and Cape Town, as well as Egypt’s Cairo, in terms of wealth controlled.
In the same vein, Nigeria despite being the largest economy in Africa ranks third behind South Africa and Egypt with a total private wealth of $228 billion and 10,000 millionaires.
Meanwhile, on a per capita basis, Nigeria ranked 11th on the list with $1,100, while Mauritius was top on the list with $34,500.





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