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.
It has been noted that there is now an increase in fuel all around Nigeria, from … to 1000 plus in fuel stations.
It was also noted that Dangote Petroleum Refinery increased the price to 1,175 per litre and diesel has been increased to 1,620 per litre.
This new spike in fuel increase has caused Nigerians to lament widely, wondering why this change happened all of a sudden.
- MTN Nigeria Communications Plc (MTNN) – Strong telecom growth and 5G expansion.
- Dangote Cement Plc (DANGCEM) – Leading cement maker benefiting from infrastructure demand.
- Guinness Nigeria Plc (GUINNESS) – Consumer stock with solid turnaround potential.
- Okomu Oil Palm Plc (OKOMUOIL) – Agriculture stock tied to palm oil demand.
- Seplat Energy Plc (SEPLAT) – Energy player with gas and oil sector exposure.
- Zenith Bank Plc (ZENITHBANK) – Tier-1 bank with strong financial performance.
- Guaranty Trust Holding Company Plc (GTCO) – Leading bank with diversified revenue streams.
- Presco Plc (PRESCO) – Palm oil producer with export and dividend potential.
- NASCON Allied Industries Plc (NASCON) – FMCG stock with strong fundamentals.
- Aradel Holdings Plc (ARADEL) – Growing energy sector stock with upstream exposure.
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
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