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.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
It can be reported that following Aliko Dangote’s investment opportunity, some investment platforms are experiencing huge traffic, causing their platforms to become slow and go down.
Two platforms openly announced their issues. Bamboo said “Hey everyone, we’re getting a much higher than expected traffic trying to get into the Dangote IPO and it’s making it difficult for some users to log into the Bamboo app. We’re working on a fix and it will be up and running shortly.”
Cowrywise also said “We’re currently seeing more traffic than usual on the Cowrywise app. Our team is already on it and working to get things back to normal. Thanks for your patience, everyone.”
Nigerian economist Bismarck Rewane advises Nigerians financially, sharing that Nigerians should engage in the Dangote Refinery initial public offering (IPO). He stated that it was a good investment.
He shared “You are better off with your N5,000 share than selling your PVC for N10,000 or N15,000 and consuming it,” Rewane said.
“If you can get 10 million shareholders to participate in the IPO, the Dangote Refinery will have the largest number of shareholders in the world,” he said.
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