Business
Nigeria’s LPG Prices Surge, Driving Return to Firewood Cooking
The price of Liquefied Petroleum Gas (LPG) in Nigeria has soared from N700 per kilogram in June 2023 to N1,500 in October 2024. This 114% increase largely results from the depreciating naira, which now trades at around N1,700 to one dollar. Nigeria imports over 60% of its cooking gas, leading experts to call for increased local production. Currently, local production accounts for less than 40% of the 1.5 million metric tons consumed each year.
In September 2024, the average cost to refill a 5kg LPG cylinder reached N6,699.63. This price reflects a month-on-month increase of 4.19% and a year-on-year rise of nearly 60%. As LPG prices climb, many Nigerians are returning to traditional cooking methods like firewood.
This shift raises significant health concerns. The International Energy Agency reports that around 500,000 African women die prematurely each year from using firewood or charcoal for cooking. The urgent need for clean cooking solutions is evident. Nigeria needs approximately $7.5 billion to achieve clean cooking by 2030.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
Nigeria’s three biggest cement manufacturers—Dangote Cement, BUA Cement, and HBM Nigeria—generated a combined ₦3.2 trillion in revenue during the first half of 2026.
The strong performance was driven by higher cement prices, increased demand from housing and infrastructure projects, and higher sales volumes across the country.
Compared to the same period in 2025, the companies recorded 26.5% revenue growth, showing that Nigeria’s construction sector continues to expand despite economic challenges. The companies also reported stronger profits and are investing further to increase production capacity to meet future demands.
Nigerian fintech company OPay has introduced new security features to improve the safety of its application.
The company unveiled the Emergency Lock and Safety PIN features to give customers better control over their funds and provide added protection against fraud and unauthorized transactions.
The Emergency Lock feature allows customers to instantly freeze their OPay account with a single tap whenever they sense a threat or believe their account may be at risk.
The newly launched Safety PIN introduces an additional layer of security, helping customers protect themselves in situations where they may be forced to make a transfer or payment against their will.
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