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Price of 5kg cooking gas stood at N6,430.02 in August – NBS
The National Bureau of Statistics (NBS) has said the average price of 5kg of cooking gas increased from N5,974.55 recorded in July 2024 to N6,430.02 in August 2024.
This is contained in the Bureau’s “Cooking Gas Price Watch’’ for August 2024 released on Sunday in Abuja.
The report said the August price represented a 7.62 per cent increase, compared to what was obtained in July.
The NBS said the average price of 5kg of cooking gas increased on a year-on-year basis by 56.25 per cent from N4,115.32 in August 2023 to N6,430.02 in August 2024.
On state profile analysis, the report showed that Benue recorded the highest average price at N7,000 for 5kg cooking gas, followed by Rivers at N6,954.55, and Borno at N6,914.29.
It said on the other hand, Taraba recorded the lowest price at N5,600.67, followed by Abuja and Kogi at N5,825.00 and N5,857.56, respectively.
Analysis by zone showed that the South-East recorded the highest average retail price at N6,585.18 for 5kg cooking gas, followed by the South-South at N6,451.34.
“The North-Central recorded the lowest average retail price at N6,344.29,” the NBS said.
Also, the NBS said the average retail price for refilling a 12.5kg cooking gas increased by 9.05 per cent on a month-on-month basis from N14,261.57 in July 2024 to N15,552.56 in August 2024.
The report said the average retail price for 12.5kg cooking gas rose by 69.15 per cent on a year-on-year basis from N9,194.41 recorded in August 2023 to N15,552.56 in August 2024.
State profile analysis showed that Rivers recorded the highest average retail price of N17,086.36 for 12.5kg cooking gas, followed by Cross River with N17,050.00 and Abia with N17,012.52.
On the other hand, the report showed that the lowest average price for 12.5kg of cooking gas was recorded in Bauchi at N13,425.00, followed by Nassarawa and Adamawa at N13,640.94 and N13,725.00 respectively.
Analysis by zone showed that the South-South recorded the highest average retail price of N16,524.00 for 12.5kg cooking gas, followed by the South-East at N16,495.78
The report said the North-Central recorded the lowest price at N14,767.41.
Similarly, the NBS said the average retail price per litre of kerosene increased to N1,847.59 in August 2024 on a month-on-month basis, showing an increase of 4.39 per cent, compared to the N1,769.86 recorded in July 2024.
According to its National Kerosene Price Watch for August 2024 on a year-on-year basis, the average retail price per litre of kerosene rose by 45.21 per cent from N1,272.40 in August 2023.
On state profile analysis, the report showed that Zamfara recorded the highest average price at N2,566.67 per litre of kerosene in August, followed by Kano with N2,444.44 and Ogun with N2,388.89.
“On the other hand, the lowest price was recorded in Taraba at N1,181.18, followed by Adamawa at N1,185.74 and Borno at N1,296.95.”
The NBS said the analysis further showed that the North-West recorded the highest average retail price per litre of Kerosene at N2,118.29, followed by the South-South at N2,075.45,
It said the North-East recorded the lowest average retail price per litre of kerosene at N1,454.38.
The report said the average retail price per gallon of Kerosene paid by consumers in August 2024 was N6,441.94, indicating an 11.80 per cent increase from N5,762.10 recorded in July 2024.
“On a year-on-year basis, the average price per gallon of kerosene increased by 48.04 per cent from N4,351.53 recorded in August 2023.
On state profile analysis, it showed that Katsina recorded the highest average retail price at N8,200 per gallon of kerosene, followed by Kebbi at N8,075.00 and Kaduna at N8,038.46.
The report said Nasarawa recorded the lowest price at N5,092.46, followed by Niger and Plateau at N5,104.17 and N5,445.83, respectively.
Analysis by zone showed that the North-West recorded the highest average price per gallon of Kerosene at N7,787.64, followed by the South-West at N6,593.22.
Aliko Dangote, chairman of Dangote Group, has alleged that his cement factory in Itori, Ogun state, was demolished twice during the tenure of Ibikunle Amosun, former governor of the state, forcing his company to abandon the investment in the area.
Dangote spoke on Monday while on a courtesy visit to Dapo Abiodun, governor of Ogun, at the government house in Abeokuta.
The billionaire announced the reconstruction of the factory and his renewed commitment to investing in Ogun State.
“Our factory at Itori was pulled down twice. When we started the second time, they did not only demolish the factory but also the fence, so we left,” Dangote said.
“But right now, because of His Excellency, our governor, Prince Dapo Abiodun, we are back. When you get to the factory, you will be surprised at what we have done.”
He attributed his return to Abiodun’s investor-friendly policies and support for the private sector, which he said had created a conducive environment for businesses to thrive.
Dangote also announced plans to revive the abandoned Olokola Free Trade Zone (OKFTZ) project and construct the largest port in Nigeria in collaboration with the state government.
He further said two new lines of a 6.0 million metric tonnes per annum cement plant had been constructed at Itori, adding to the existing 12 million metric tonnes per annum plant in Ibeshe.
He said it will position Ogun state as the largest cement-producing hub in Africa.
“With the contributions of other cement producers in the state, Ogun remains far ahead of other countries across Africa in terms of cement production,” he said.
Dangote also said investment in the manufacturing of the product had made the nation self-sufficient in cement, just as the country is now self-sufficient in fertilizer with the surplus going for the export market thus earning the nation the needed foreign exchange.
In his reaponse, Abiodun, appreciated Dangote for coming back to Ogun state and also for his belief and trust in the country, Nigeria.
“I want to thank you for all that you have done, the number of people that you have employed, the impact you continue to make not just in this state, but Nigeria as a whole,” the governor said.
“The way you selflessly continue to promote this country all over the world, we can’t thank you enough. Your life and story continue to be an inspiring narrative to all young men. You have excelled in everywhere you touch, you have the Midas touch.
“Not only have you chosen to complete Itori, you have chosen to come back and develop the biggest port in Nigeria. For this, I thank you.”
‘PROVIDE PROOF OF APPROVALS’
In a statement responding to Dangote, Lanre Akinwale, media office of the former governor, dismissed the claims, insisting that the business mogul should provide evidence of requisite approvals for the structures allegedly demolished.
The office questioned whether Dangote had obtained the necessary government permits before commencing construction and emphasised that no individual or business entity could operate outside the law.
“It is on this basis that we want to appeal to Alhaji Dangote to avail the public of the requisite approvals for the construction of the structures he alleged were demolished,” the statement reads.
“This will, at least, help the public to put the issue in proper context and for us to know what exactly his grouse is.”
Adewale also highlighted that during Amosun’s tenure, Ogun state became the “Industrial Capital of Nigeria,” attracting over 500 companies and accounting for about 75 percent of foreign direct investments (FDIs) in the country’s industrial sector.
He further said Dangote had previously praised the Amosun administration for facilitating the establishment of his Ibese cement factory, after years of frustration under past governments.
“We will not give vent to this obvious mischief, as it is deliberate,” Akinwale said.
“However, we will advise Alhaji Dangote to furnish the public with details of the land acquisition and relevant planning approvals so that we can engage in a constructive conversation.”
Akinwale also rejected any suggestion that the Amosun administration was anti-business, citing World Bank recognition of Ogun as one of the top three states in Nigeria for ease of doing business.
Nigeria’s inflation rate eased for the second consecutive month in February, raising hopes that price pressures may have peaked and could continue to moderate in the coming months.
The National Bureau of Statistics, in its latest report released on Monday, said the country’s headline inflation rate dropped to 23.18 per cent in February 2025 from 24.48 per cent recorded in January, reflecting a 1.30 per cent decrease within the month.
On a year-on-year basis, the inflation rate dropped by 8.52 percentage points from 31.70 per cent recorded in February 2024.
The NBS noted that while the inflation figures were calculated using a different base year, the decline suggests a significant slowdown in price increases compared to the same period last year.
The month-on-month inflation rate for February stood at 2.04 per cent, indicating the rate at which prices increased within the month.
The NBS noted, “In February 2025, the Headline inflation rate eased to 23.18% relative to the January 2025 headline inflation rate of 24.48 per cent.
“Looking at the movement, the February 2025 Headline inflation rate showed a decrease of 1.30 per cent compared to the January 2025 Headline inflation rate.
“On a year-on-year basis, the Headline inflation rate was 8.52 per cent lower than the rate recorded in February 2024 (31.70 per cent). This shows that the Headline inflation rate (year-on-year basis) decreased in February 2025 compared to the same month in the preceding year (i.e., February 2024), though with a different base year, November 2009 = 100.
“Furthermore, on a month-on-month basis, the Headline inflation rate in February 2025 stood at 2.04 per cent.”
While prices are still rising, the slowdown suggests a gradual easing of inflationary pressures in the economy.
The drop in inflation comes amid efforts by the Central Bank of Nigeria to rein in price surges through monetary tightening and forex stabilisation policies.
Rising costs of goods and services, driven by currency depreciation, high transportation costs, and supply chain disruptions, had pushed inflation to record highs in 2024.
One of Nigeria’s leading non-Interest banks, TAJBank, has said it is finalising arrangements to raise the sum of N20 billion Mudarabah Sukuk bond to beef up its Additional Tier 1 capital.
The Founder/Chief Executive Officer of TAJBank, Mr Hamid Joda, said this in a statement on Monday in Abuja.
According to him, the issuance is part of its N100 billion Sukuk programme with the aim of fueling its business expansion drive.
Joda said that the new investment initiative was coming two years after the issuance of the first-ever N10 billion Sukuk bond on the Nigerian Exchange in 2023.
He said that it presented a unique opportunity for individuals and institutions to invest in an ethical instrument with a competitive 20.5 per cent per annum return.
“Specifically, the new Mudarabah Sukuk bond, is designed to offer a stable and ethical investment option.
“It allows investors to participate in the bank’s profit-sharing ventures, and underscores TAJBank’s commitment to expanding access to innovative financial solutions and promoting financial inclusion in the country,” he said.
Joda said that the Mudarabah Sukuk was open to all investors, both individuals and corporates.
According to him, the goal is to provide a reliable source of extra income, accessible from the comfort of homes.
“We are excited to bring this Mudarabah Sukuk to the market, offering a compelling investment opportunity that aligns with ethical financial principles.
“This listing on the NGX will enable a wider range of investors to participate in our growth and benefit from our profit-sharing model,” he said.
He advised interested investors to contact their financial advisors or visit www.tajbank.com for more information on the Sukuk and the listing process.(NAN)