Business
No FOREX, No Gas: Cooking gas price hike imminent as forex scarcity hits suppliers
There are indications that gas prices will further rise and Nigerians may pay more as marketers have hinted that the high exchange rate of dollar to naira is having a negative impact on importation.
National Operations Controller, the Independent Petroleum Marketers Association of Nigeria, IPMAN, Mike Osatuyi, in a chat with newsmen on Sunday, said independent marketers sourced dollars for importation from the black market, hence, gas price would continue to increase until naira strengthened at the exchange market.
“Our members, who still sell gas, bought 20, 000 metric tonnes at around N11 million last month, but now, the price has jumped to N12.3 million per 20, 000 metric tonnes,” he said.
He noted that gas consumers stood the risk of further price hike as long as dollar continued to strengthen.
Output and export from NLNG’s six-train Bonny plant had dropped to 16.8 million tonnes in 2021, from 20.7 million tonnes in 2020 and 2019.
NLNG was said to have lost almost $7bn revenue so far in 2022 due to gas supply constraints, according to the company’s General Manager, Production, Adeleye Falade, who spoke at the 45th Nigeria International Conference and Exhibition 2022.
Natural gas markets worldwide have been tightening since 2021 and global gas consumption is expected to decline by 0.8 per cent this year as result of a record 10 per cent contraction in Europe and flat demand in the Asia Pacific region, the IEA said in its quarterly gas market report.
Persistent under-investment, coupled with the perennial problem of oil theft from pipelines, has plagued Nigeria’s oil and gas sector in recent years.
Business
NGX All-Share Index posts weekly gains, up 3.71% w/w
All-Share index up by 0.99% to close at 105,085.25 points. Buy interests in MTNN (+7.98%), GTCO (+9.99%), and ZENITHBANK (+3.12%) offset selloffs in TRANSCOHOT (-3.07%), UBA (-2.41%) and ACCESSCORP (-1.50%) keeping the market in the green. Having gained in trading sessions this week, the ASI closed 3.71% higher w/w.
Over the course of the week, strong performances in MTNN (+20.96% w/w), TRANSPOWER (+8.17% w/w) , and GTCO (+17.88% w/w) drove the market’s positive performance, outweighing losses in TRANSCOHOT (-3.07% w/w), TRANSCORP (-8.82% w/w), and OANDO (-4.17% w/w). Consequently, the year-to-date (YTD) return rose to 40.54%, while the market capitalization gained ₦2.12trn w/w to close at ₦59.42trn.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 32.43%. A total of 217.21m shares valued at ₦5.01bn were exchanged in 6,457 deals. FBNH (+5.71%) led both the volume and value chart with 29.58m units traded in deals worth ₦1.06bn.
Market breadth closed positive at a 1.39-to-1 ratio with advancing issues outnumbering the declining ones. GTCO (+9.99%) topped twenty-four (24) others on the leader’s table while INTENEGINS (-9.63%) seventeen (17) others on the laggard’s log.
Find below key highlights of market activities |
Indicators | Current | Change (%) | YTD |
All-Share Index | 105,085.25 | 0.99 | 40.54 |
Market Cap. (₦ ‘trillion) | 59.42 | 0.99 | 45.21 |
Volume (millions) | 217.21 | -4.02 | |
Value (₦ ‘billion) | 5.01 | 32.43 |
Dividend Information for 2023 |
Company | Dividend (Bonus) | Closure Date | Payment Date |
SEPLAT ENERGY | $0.03 (Q3 interim) | 13-Nov-23 | 24-Nov-23 |
ACCESSCORP | ₦0.30 (interim) | 6-Oct-23 | 19-Oct-23 |
UBA | ₦0.50 (interim) | 27-Sep-23 | 6-Oct-23 |
ZENITHBANK | ₦0.50 (interim) | 25-Sep-23 | 29-Sep-23 |
STANBIC | N1.50 (interim) | 13-Sep-23 | 27-Sep-23 |
GTCO | ₦0.50 (interim) | 15-Sep-23 | 25-Sep-23 |
FIDELITYBK | N 0.25 (interim) | 15-Sep-23 | 22-Sep-23 |
CUSTODIAN | ₦0.15 (interim) | 21-Aug-23 | 5-Sep-23 |
SEPLAT ENERGY | 3 US CENTS (interim) | 18-Aug-23 | 30-Aug-23 |
MTNN | ₦5.60 (interim) | 17-Aug-23 | 24-Aug-23 |
NGXGROUP | ₦0.25 | 31-Jul-23 | 31-Aug-23 |
BUACEMENT | ₦2.80 | 14-Aug-23 | 24-Aug-23 |
FBNH | ₦0.50 | 9-Aug-23 | 16-Aug-23 |
AIRTELAFRI | 3.27 | 22-Jun-23 | 26-Jul-23 |
TOTAL | ₦21.00 | 26-Apr-23 | 2-Jun-23 |
NESTLE | ₦36.50 | 24-Apr-23 | 18-May-23 |
WAPCO | ₦2.00 | 11-Apr-23 | 28-Apr-23 |
NB | ₦1.03 | 17-Mar-23 | 26-Apr-23 |
DANGCEM | ₦20.00 | 31-Mar-23 | 24-Apr-23 |
DANGSUGAR | ₦1.50 | 27-Mar-23 | 15-Apr-23 |
GEREGU | ₦8.00 | 28-Feb-23 | 29-Mar-23 |
Source: Coronation
CREDIT: businessnewsreport
Business
Hyper-inflation continues to erode Nigerians purchasing power at 31.70%—NBS
Hyper-inflation in Nigeria has continued to rave the purchasing power of Nigerians as it rose to 341.70 in February. National Bureau of Statistics in its February inflation report said “in February 2024, the headline inflation rate increased to 31.70 per cent relative to the January 2024 headline inflation rate which was 29.90%. Looking at the movement, the February 2024 head-line inflation rate showed an increase of 1.80% points when compared to the January 2024 headline inflation rate. On a year-on-year basis, the headline inflation rate was 9.79% points higher compared to the rate recorded in February 2023, which was 21.91%. This shows that the headline inflation rate (year-on-year basis) increased in the month of February 2024 when compared to the same month in the preceding year (i.e., February 2023).
“Furthermore, on a month-on-month basis, the headline inflation rate in February 2024 was 3.12%, which was 0.48% higher than the rate recorded in January 2024 (2.64%). This means that in February 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in January 2024. that in February 2024, the rate of increase in the average price level is more than the rate of increase in the average price level in January 2024. The percentage change in the average CPI for the twelve-month ending February 2024 over the average of the CPI for the previous twelve-month period was 26.18%, showing a 6.31% increase compared to 19.87% recorded in February 2023. On a year-on-year basis, in February 2024, the Urban inflation rate was 33.66%, this was 10.87% points higher compared to the 22.78% recorded in February 2023. On a month-on-month basis, the Urban inflation rate was 3.17% in February 2024, this was 0.45% points higher compared to January 2024 (2.72%). The corresponding twelve-month average for the Urban inflation rate was 27.93% in February 2024. This was 7.48% points higher compared to the 20.45% reported in February 2023.
“The Rural inflation rate in February 2024 was 29.99% on a year-on-year basis; this was 8.89% higher compared to the 21.10% recorded in February 2023. On a month-on-month basis, the Rural inflation rate in February 2024 was 3.07%, up by 0.50% points compared to January 2024 (2.57%). The corresponding twelve-month average for the Rural inflation rate in February 2024 was 24.61%. This was 5.28% higher compared to the 19.33% recorded in February 2023. The Food inflation rate in February 2024 was 37.92% on a year-on-year basis, which was 13.57% points higher compared to the rate recorded in February 2023 (24.35%). The rise in Food inflation on a year-on-year basis was caused by increases in prices of Bread and cereals, Potatoes, Yam and other Tubers, Fish, Oil and fat, Meat, Fruit, Coffee, Tea, and Cocoa. On a month-on-month basis, the Food inflation rate in February 2024 was 3.79% this was 0.58% higher compared to the rate recorded in January 2024 (3.21%). The rise in the Food inflation on a Month-on-Month basis was caused by a rise in the rate of increase in the average prices of Bread and Cereals, Potatoes, Yam & Other Tubers, Fish, Coffee, Tea, and Cocoa.
“The average annual rate of Food inflation for the twelve months ending February 2024 over the previous twelve-month average was 30.07%, which was a 7.95% points increase from the average annual rate of change recorded in February 2023(22.12%). The “All items less farm produces and energy” or Core inflation, which excludes the prices of volatile agricultural produces and energy stood at 25.13% in February 2024 on a year-on-year basis; up by 6.76% when compared to the 18.37% recorded in February 2023. The highest increases were recorded in prices of Passenger Transport by Road, Actual and Imputed Rentals for Housing, Medical Services, Pharmaceutical products, etc. On a month-on-month basis, the Core Inflation rate was 2.17% in February 2024.
“It stood at 2.24% in January 2024, a decline of 0.07%. The average twelve-month annual inflation rate was 21.72% for the twelve months ending February 2024; this was 4.97% points higher than the 16.75% recorded in February 2023. In February 2024, All Items inflation rate on a Year-on-Year basis was highest in Kogi (37.98%), Oyo (36.60%), Bauchi (35.62%), while Borno (26.28%), Taraba (26.72%) and Benue (27.40%) recorded the slowest rise in Headline inflation on Year-on-Year basis. On a Month-on-Month basis, however, February 2024 recorded the highest increases in Kwara (6.42%), Kebbi (4.64%), Adamawa (4.46%), while Katsina (1.93%), Cross River (1.98%) and Benue (2.33%) recorded the slowest rise on Month-on-Month inflation. In February 2024, Food inflation on a Year-on-Year basis was highest in Kogi (46.32%), Rivers (44.34%), and Kwara (43.05%), while Bauchi (31.46%), Plateau (32.56%), and Taraba (33.23%) recorded the slowest rise in Food inflation on Year-on-Year basis. On a Month-on-Month basis, however, February 2024 Food inflation was highest in Adamawa (5.61%), Yobe (5.60%), and Borno (5.60%), while Cross River (2.08%), Niger (2.56%), and Abuja (2.60%) recorded the slowest rise in Food inflation on Month-on-Month basis.”
CREDIT: businessnewsreport
Business
We Need More Investment In Women – UN Agency
The United Nations Global Compact Network Nigeria (UNGC), together with advocates for gender equality, has called for increased investment in women. This call was made during the 10th annual Ring The Bell for Gender Equality and Closing Gong ceremony held at the Nigeria Exchange Group (NGX) in Lagos State to commemorate International Women’s Day this year.
During the event, Oluwasoromidayo George, Chair of the UN Global Compact Network Board, emphasized the urgent need to narrow the gender gap, which has hindered progress towards achieving SDG 5 (Gender Equality) by 2030. Despite the widespread recognition of the importance of gender equality, advancements in women’s rights remain insufficient, according to George.
According to World Bank data from 2023, only 40 percent of adult women are involved in the labor force compared to over 70 percent of men, while the UN estimates that the gender pay gap costs the global economy $160 trillion annually.
Naomi Nwokolo, executive director of the UN Global Compact Network Nigeria, highlighted that women and girls in Nigeria are often overlooked, with only two SDG 5 indicators nearing their targets and none reaching the intended level of achievement.
In addition to acknowledging the private sector’s role in promoting gender equality, George, Nwokolo, and other stakeholders advocated for Gender Lens Investing (GLI), increased investment in women, the implementation of gender-responsive financing, and support for female changemakers. These efforts align with the theme of UN’s 2024 International Women’s Day, “Invest In Women: Accelerate Progress,” which aims to empower women for a more sustainable and prosperous future.
Nwokolo emphasized that impact funds could enhance Gender Lens Investing to promote inclusive and sustainable development that ensures no woman or girl is left behind.
The UN Global Compact Network Nigeria is one of 74 country offices of the United Nations Global Compact, the world’s largest corporate sustainability initiative. It assists companies and stakeholders in understanding how to operate responsibly within both global and local contexts and provides guidance on translating sustainability commitments into action through its Ten Principles and the 17 SDGs.
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