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.
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.
The Federal Government of Nigeria has spoken on the agriculture sector of the country and shared that, in its current state, it needs more capital as it cannot stand alone without it.
They stated that even more capital will be needed in order to transform the agricultural sector and improve food production in Nigeria.
“Relying solely on public capital will not suffice to finance the transformation of Nigeria’s agricultural sector. Similarly, private capital will not be mobilised at the necessary scale unless the associated risks are comprehensively understood, appropriately allocated, and effectively managed.”
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.
Kendrick Lamar, Cardi B and Kehlani Shine at BET Awards 2026
‘I Want a Family and Respect’ — Speed Darlington Opens Up
Tems Laughs Off Question About Super Eagles Star Maduka Okoye
-
Entertainment11 hours agoOdumodublvck Makes Fresh Allegations Against Blaqbonez
-
Sport12 hours agoTroost-Ekong Reveals His Best South African Player at the World Cup
-
Entertainment9 hours ago‘I Want a Family and Respect’ — Speed Darlington Opens Up
-
Entertainment11 hours agoMr Real Sparks Reactions Over Response to First Lady’s Comments
-
Entertainment10 hours agoTems Laughs Off Question About Super Eagles Star Maduka Okoye
-
Entertainment7 hours agoKendrick Lamar, Cardi B and Kehlani Shine at BET Awards 2026
-
Business13 hours agoOPay Introduces New Security Features for Customers
-
Sport13 hours agoFabrizio Romano Confirms Robert Lewandowski’s Next Destination