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NLPGA Gives Reasons For Fluctuation Of Cooking Gas

NLPGA Gives Reasons For Fluctuation Of Cooking Gas

May 26, 2022 12:23 pm

In reaction to the unstable price fluctuations that has besieged cooking gas sales in the country, the Nigeria Liquified Petroleum Gas Association (NLPGA) has provided the reason for the unsteady cost of cooking gas.

The President, Nuhu Yakubu spoke during a visit to former President Olusegun Obasanjo in Abeokuta, the Ogun State capital.

Read Also: Marketers Lament As Cooking Gas Demand Crashes

Yakubu said the fluctuations in the LPG price were caused by the local rate of the American currency.

“Once the United States dollars rise, it is only logical that it will affect the retail price”, he explained.

“But

…

Marketers Lament As Cooking Gas Demand Crashes

May 25, 2022 2:48 pm

It was marketers’ doom as Wednesday saw the demand for Liquefied Natural Gas (LPG) popularly known as cooking gas dropped to a record low across the country.

The consecutive market report gathered on Tuesday showed that consumers had lately either reduced consumption or ditched the commodity for cheaper alternatives such as coal and firewood.

President, Nigerian Gas Association, Ed Ubong, said during a downstream event in Lagos that national annual consumption was currently between 1.3mn and 1.5mn metric tons from the Federal Government’s annual target of 5mn metric tons.

Read Also: Independence From Russian Gas Would Take Longer – Italy

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Nike Announces Plans To Halt Sales To Retailers In Russia

Nike Announces Plans To Halt Sales To Retailers In Russia

May 25, 2022 1:58 pm

The Sporting fashion company, Nike has announced its fresh plans about not renew licensing agreements in Russia. The company made these announcements on Wednesday while joining a growing list of Western companies pulling back from the country following the Ukraine invasion of Ukraine.

The move affects licensed retailers as Nike closed all its company-owned stores two months ago soon after Moscow sent troops into the neighboring country.

“Due to operational challenges in Russia, Nike has made the decision not to renew or enter into any new business commitments, including with our franchisee Up&Run,” the company said.

“Our business remains on

…
Naira Grows Marginally As It Exchanges At 441.25 To Dollar

Optimum Productivity Will Inflate Naira Value – Experts

May 24, 2022 2:00 pm

Some experts at a one-day roundtable on national issues organised by Development Specs Academy (DSA) in Abuja have come to the conclusion that only increased productivity and a change in consumption patterns of Nigerians will shore up the value of the naira.

Speakers at the occasion include the convener, Dr Okey Ikechukwu, a former spokesperson for the Nigerian Army, Brigadier Sani Usman (retd.); Rev.Fr. George Ehusani, Prof Jim Unah, Dr. Amaechi Anakwue, Prof. Christopher Ogbogbo, Dr. Amara Albert, Dr. Hyeladi Haruna, Dr Amaechi Anakwue, among others.

Dr. Okey noted that the Central Bank of Nigeria, CBN, has made several policy …

MTN Nigeria Now Valued More Than Nigerian Financial Institutions

MTN Nigeria Now Valued More Than Financial Institutions

May 22, 2022 2:40 pm

A recent market forcast has put MTN Nigeria as being worth an estimated ₦5 trillion which has skyrocketed its value and made it much valuable than all banks, insurance companies, and the entire financial services companies in Nigeria.

Nigeria’s telecommunication giant, MTN Nigeria is now worth ₦5 trillion making it more valuable than all banks, insurance companies, and the entire financial services companies listed on the Nigerian Stock Exchange combined. This is according to market valuation data as of May 20th, 2022, tracked and compiled by Nairametrics from the Nigerian Exchange.

As of Friday, MTN Nigeria closed with a total …

Market Capitalisation Drowns In A ₦159bn Massive Dip

Market Capitalisation Drowns In A ₦159bn Massive Dip

May 22, 2022 12:26 pm

Nigeria’s market trading closed on a downward trend on Saturday with red points as the market capitalisation dropped by ₦159 billion to close at ₦28.562 trillion compared with ₦28.721 trillion achieved on Thursday.

In the same vein, the All-Share Index lost 295.53 points or 0.55 per cent to close at 52,979.96 points against 53,275.49 on Thursday. Hence, the Year-to-Date (YTD) performance of the index decreased to 24.03 per cent.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Royal Exchange Assurance, Academy Press, amongst others. However, market closed with 28 gainers relative to …

Polaris Bank, LSETF Launches ₦1bn Fund For Artisans

Polaris Bank, LSETF Launches ₦1bn Fund For Artisans

May 20, 2022 10:24 am

As part of their initiatives to further restrategise the business sphere among artisans in Lagos State, the Lagos State Employment Trust Fund (LSETF), in collaboration with Polaris Bank has launched a fresh ₦1 billion fund for artisans operating in the state.

Mr Segun Opeke, the Executive Director, Lagos Business, Polaris Bank during a joint media launch of the fund on Thursday in Lagos said that its initiative was to empower the artisans.

Opeke made it clear that the partnership with the LSETF was aimed at providing the much-needed funding to create wealth for the artisans and players within the Micro, …

Naira 'Resurrects' At ₦429.62 To Dollar At Investors' Window

Deeper Waters For Naira As It Exchanges At 419.25 To Dollar

May 19, 2022 9:30 am

Its all deeper waters for the Naira as it had reportedly exchanged at 419.25 to the dollar at the Investors and Exporters window, compared to 418.50 traded on Tuesday, representing 0.18 per cent depreciation on Wednesday.

The open indicative rate closed at ₦418.00 to the dollar on Wednesday. An exchange rate of ₦444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at ₦419.25.

The Naira sold for as low as 410 to the dollar within the day’s trading.

Read Also: Free Fall For Naira As It Racks Up Losses Against Dollar

A total …

Retail Price For Petrol Jumps To ₦172.61 In April - NBS

Retail Price For Petrol Jumps To ₦172.61 In April – NBS

May 18, 2022 1:32 pm

Reports by the National Bureau of Statistics (NBS) have forcasted that the average retail price which is being remitted by consumers for Premium Motor Spirit (Petrol) has jumped to N172.61 as of April 2022.

This information was contained in the NBS Premium Motor Spirit (Petrol) Price Watch for April 2022 and made available in Abuja on Tuesday.

Read Also: How Nigeria’s GDP Grew By 3.98% In 2021 Q4 – NBS

It said that the increase indicates a 3.74 percent increase when compared to the value recorded in April 2021 at ₦166.38.

“Likewise, on a month-on-month basis, the average retail price

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Dangote Refinery Will End Aviation Fuel Scarcity – Sirika

Dangote Refinery Will End Aviation Fuel Scarcity – Sirika

May 18, 2022 3:55 am

Nigeria’s Minister of Aviation, Hadi Sirika, has claimed that the scarcity of jet A1 and its high cost will become history in the country once the Dangote and Port Harcourt refineries begin operation.

According to him, the issues surrounding aviation fuel can only get sustainable solutions after these refineries come online. He disclosed this while addressing State House correspondents on Tuesday.

He said, ‘The scarcity and high cost of Jet A1 in civil aviation, is not peculiar to Nigeria. It is a global phenomenon driven by many factors. Some of them include even low capacity to refine the product.

“It …

Bad Day For Nigerian Exchange As It Loses ₦83bn

Bad Day For Nigerian Exchange As It Loses ₦83bn

May 17, 2022 12:32 pm

It was all red alerts for the Nigerian Exchange Ltd., (NGX) as it closed on a bearish note on Monday, causing market capitalization to dip by ₦83 billion, to close at ₦28.542 trillion from ₦28.625 trillion recorded on the last trading day.

The Africa Today News, New York reports that the All-Share Index (ASI) also declined to stand at 52,944.09 points or 0.29 per cent, compared to the 53,098.46 points recorded on Friday.

The market’s negative performance was driven by price depreciation in large and medium capitalized stocks, as 27 stocks declined relative to 20 gainers.

Read Also: ₦70b Wiped

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UK Gifts Nigeria £600,000 Grant For 20 Institutions

UK Gifts Nigeria £600,000 Grant For 20 Institutions

May 17, 2022 7:28 am

After some short deliberations, the British Council has pledged the sum of £600,000 UK-Nigeria grant-funded partnerships which have been sorted out for the support of systemic change between 20 institutions and organisations in Nigeria.

Scott McDonald, the Chief Executive of British Council  stated this Tuesday in Abuja during the presentation of an overview of Transnational Education in Nigeria by the National Universities Council (NUC).

He said the commitment of the British Council to a long term investment in the Nigeria education sector as well as its continued growth, maintained that the relationship between UK and Nigeria was very important, not …

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