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Cheers In Abuja As Price Of Cooking Gas Per Kg Drops

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Residents of the Federal Capital Territory have expressed relief over the recent reduction in the price of Liquefied Petroleum Gas, popularly known as cooking gas, saying the development would ease the financial pressure on households.

According to Vanguard, the residents spoke with newsmen on Sunday in Abuja, urging the Federal Government to ensure that the price drop is sustained and deepened to make cooking gas more affordable for Nigerians.

It was reports that the price of cooking gas currently sells for between ₦1,080 and ₦1,400 per kilogramme across various retail outlets in the FCT, with NIPCO offering the lowest rate of ₦1,080 per kg.

A civil servant, Victoria Ahaneku, described the reduction as a positive development that could have wider economic benefits.

“The reduction in the price of cooking gas will increase consumer spending power because people will have more disposable income to spend on other goods and services,” she said.

Ahaneku, however, called for further reduction, noting that cooking gas remained unaffordable for many households, forcing them to resort to charcoal and firewood, which are also costly.

A businesswoman, Mary Olobeyo, also welcomed the price drop but stressed the need for sustainability and structural reforms to ensure long-term affordability.

She identified transportation, storage and retail logistics as major contributors to the high cost of cooking gas.

“The government at all levels should adopt a combination of infrastructural, regulatory and diversification strategies.

“This can be achieved by investing in alternative transportation and distribution methods, such as pipelines and rail, to reduce dependence on expensive road tanker trucks,” Olobeyo said.

See also  Blackouts: N300bn electricity power lifeline for hospitals, varsities hits snag

A teacher, Aisha Abubukar, expressed concern over frequent price fluctuations in the LPG market, despite welcoming the current reduction.

“The price of cooking gas is always unstable. What Nigerians want is a sustained reduction.

“A further drop in cooking gas prices will encourage domestic usage and increase penetration across the country,” she said.

A businessman, Mr Adebayo Olurunfemi, said the price reduction was commendable but insufficient when viewed against Nigeria’s rising cost of living.

“I commend the government for intervening and ensuring the issues at the Dangote Refinery and other depots were resolved, but more still needs to be done.

“The cost of living remains high in Nigeria with all sorts of taxes now, coupled with high rent, school fees, petrol prices and bank charges, among others.

“Nigerians are still struggling daily, so the government still has a lot to do to make life easy for the people,” he said.

Another resident, Charity Samuel, a public servant, said cheaper cooking gas would significantly help families struggling with low purchasing power.

“Nigerians are experiencing low purchasing power, so cheaper essential items like cooking gas will greatly help us.

“Many families rely on cooking gas because it is the cleanest cooking option. The government should ensure it is readily available and affordable to encourage wider usage,” she added.

It could be recalled that the Federal Government had earlier assured Nigerians that cooking gas prices would normalise after rising to as high as ₦1,800 per kg in September 2025, following an industrial action by the Petroleum and Natural Gas Senior Staff Association of Nigeria.

See also  Petrol tops Nigeria’s imports with 613.6m litres in one year

The Minister of State for Petroleum Resources (Gas), Dr Ekperikpe Ekpo, had attributed the price surge to the strike at the Dangote Refinery and maintenance activities at the Nigeria LNG Train Four facility.

Ekpo also disclosed that the Federal Government directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority to intensify monitoring of LPG depots nationwide to prevent hoarding and artificial scarcity.

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GenCos deny NLC’s ‘extortion’ claims, warn of looming power crisis

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Power generation companies in Nigeria have dismissed allegations by the Nigeria Labour Congress that electricity firms were engaged in “institutionalised extortion,” describing the claims as misleading and damaging to efforts aimed at stabilising the country’s fragile power sector.

The reaction was contained in a statement issued on Wednesday by the Chief Executive Officer of the Association of Power Generation Companies, Joy Ogaji.

Ogaji faulted recent remarks by the President of the NLC, Joe Ajaero, saying they did not reflect the realities of the Nigerian Electricity Supply Industry.

Ogaji stated, “While we acknowledge the frustrations of Nigerians regarding unstable electricity supply, we must firmly reject the characterisation of the sector’s challenges as robbery and a grand deception. Such allegations are a misrepresentation of the facts and a disservice to ongoing efforts to stabilise the power sector.”

According to the association, power generation companies remain the most financially exposed segment of the electricity value chain because they generate electricity that is not fully paid for due to revenue shortfalls across the market.

She added, “GenCos face the greatest risk in the electricity value chain, with outstanding unpaid invoices now exceeding N6tn. Rather than castigate operators, attention should be focused on addressing the liquidity crisis that threatens the sustainability of electricity supply.”

The association also rejected claims that proposed government financial support for the sector amounted to a political arrangement, insisting that intervention funds were necessary to prevent further deterioration.

“We strongly refute the insinuation that proposed government support for the sector is a clandestine plan to settle the boys. Such claims are baseless and undermine the critical liquidity interventions required to keep the lights on,” the statement added.

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The GenCos said they were open to scrutiny and willing to subject their financial records to independent forensic examination if required.

“If the NLC or any other institution considers it necessary, our books are available for any form of investigation. What is important is to identify the real causes of the sector’s challenges and work collaboratively toward sustainable solutions,” Ogaji said.

The development follows recent comments by the NLC accusing electricity firms of exploiting Nigerians through tariff adjustments and alleged hidden subsidies.

The power generators urged organised labour to engage constructively with stakeholders, warning that inflammatory rhetoric could discourage investment and worsen electricity shortages.

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No power, no growth, Dangote warns govt

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The President and Chairman of Dangote Industries Limited, Aliko Dangote, on Tuesday called on the Federal Government to urgently convene a national retreat to resolve Nigeria’s persistent electricity crisis, warning that widespread power outages could undermine the country’s industrialisation drive and economic growth.

Dangote made the appeal at the official national launch of the National Industrial Policy 2025 in Abuja, themed “From Policy to Productivity: Implementing Nigeria’s Industrial Future.”

The policy emerged against the backdrop of a weak manufacturing sector, which, due to poor electricity supply, high production costs, limited access to finance, infrastructure deficits, and heavy reliance on imports, has been constrained.

The event was attended by top government officials, captains of industry, and development partners, with President Bola Tinubu represented by Vice President Kashim Shettima.

In his goodwill message, Dangote stressed that without stable electricity, Nigeria would struggle to create jobs, drive industrial productivity, or achieve sustainable economic growth.

“One of the things that I want to advise Your Excellency, Mr Vice President, is to call a national forum where we will have a one- or two-day retreat and resolve the issues of power. Because without power, Mr Vice President, there is no way in any country you can create growth or create jobs. So, power means growth. No power, no growth. So we must make sure that we tackle this issue,” he said.

His comments were greeted with applause from participants, including the Vice President. Dangote noted that while government policies to support industrialisation were commendable, the electricity challenge remained the single most critical constraint to manufacturing and job creation.

“We know what you call industrial policy; it is actually very, very important because the government cannot create jobs. They can only facilitate. And I think they have already given us whatever we need to create jobs. The policies that they have put in place are very good. Nigeria is a very big market. Not only that, this is a market where we are supposed to be serving other African nations,” he added.

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However, he stressed that policy incentives alone were insufficient without strong infrastructure and protection of domestic industries.

“But one thing that we need is not only the policy. The policy is there. If you look at the incentives that we have for people to invest in Nigeria, actually, they are even more than what we need. The only thing that is remaining is the protection of industries.”

According to him, excessive importation remained a major threat to local manufacturing. “Even if you give us zero-interest loans, free land and power, if there is no protection, there is no way any industry will thrive here. Importation of anything is importation of poverty and exportation of jobs,” Dangote stated.

The billionaire industrialist lamented that many manufacturers now spend more on power generation than on production due to erratic electricity supply.

“So, people who are buying diesel, I would have loved to sell more diesel, but that is not the right way. The right way is to make sure there is power. Some factories spend more money generating electricity than producing goods. You have to set up your own power plant and also a standby. That does not make sense. There is nowhere you can get prosperity that way,” he added.

Dangote’s remarks came amid a recent five-day power supply disruption linked to gas maintenance activities, which triggered widespread blackouts across several parts of the country and heightened concerns among manufacturers and businesses.

Seven power plants across Nigeria experienced gas supply constraints between February 12 and 15, 2026, as Seplat Energy shut down a major facility for scheduled maintenance, leading to nationwide generation shortfalls.

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His comments reflected ongoing concerns in the organised private sector following the recent gas supply maintenance shutdown that affected power generation and led to load shedding across the country.

Stakeholders have repeatedly warned that frequent outages are forcing companies to rely on diesel and alternative energy sources, significantly raising production costs and contributing to inflation.

Dangote also highlighted the dominance of the private sector in Nigeria’s economy, urging stronger collaboration between government and businesses. “Nigeria is the only country in Africa where the private sector is bigger than the government. When you look at GDP, the private sector contributes almost 90 per cent, compared to the government’s 10 per cent,” he said. “We have what it takes to create massive consumption, massive industry, and disposable income.”

He added that entrepreneurs must also support national development by paying taxes and complying with regulations. “When we do our business, we must pay our taxes. It is a joint venture. The government is the major shareholder in every business. Today, the government makes more money in our cement business than anybody. But that is okay, so far they allow us to expand and prosper.”

Dangote further said recent economic reforms had improved investor confidence and currency stability. “With the policies that this government has implemented, people are beginning to see the results. Manufacturers are happy. The stability of the currency is encouraging investors to come into Nigeria,” he said.

He projected that the naira could strengthen further if import dependence is reduced. “We should manufacture what we consume. That is the only way to create jobs. If we block unnecessary imports and support local production, the naira will get stronger,” he said.

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He further urged the government to strengthen policies protecting domestic manufacturers from dumping and unfair competition. “If you allow imports, take into consideration our own constraints — high interest rates, infrastructure deficits, and electricity challenges. If dumping is allowed, nobody will survive,” he said.

Dangote added that the current policy direction was already attracting investors and boosting confidence in the Nigerian economy.

“The trajectory that we are on now is very high. Many people are trying to invest in Nigeria. The only thing that the government must emphasise is the protection of local industries. Once we do that, we will create jobs and reduce the burden on the government.”

He concluded by reiterating the need for urgent reforms in the power sector. “It takes a truly patriotic person to say, I love to produce diesel, but if I have my way, I would rather there is constant power, and I will not produce diesel again,” he said.

Nigeria has continued to grapple with electricity supply challenges, with power generation frequently disrupted by gas shortages, infrastructure vandalism, and maintenance shutdowns. The recent gas maintenance exercise led to a temporary drop in generation capacity and widespread outages, affecting households, manufacturers, and businesses.

Experts say a stable power supply remains critical to the success of the National Industrial Policy 2025, which seeks to boost local production, reduce imports, and position Nigeria as a manufacturing hub in Africa.

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Naira could hit N1,100 to $1 in 2026, says Dangote

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The Aliko Dangote, Chairman of the Dangote Group, has predicted a significant strengthening of the naira, saying the currency could reach N1,100 to a dollar this year.

According to Channels TV, Dangote made the remarks on Tuesday during the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other dignitaries.

While the naira currently trades around ₦1,300 to a dollar, Dangote said government reforms signal better days ahead.

“I mean, today, if you look at it, Your Excellency, I believe with the policies that you have implemented in government, people now have started seeing the result, and manufacturers are very, very happy,” he said.

He added, “Today, the dollar is N1,340. Mr Vice-President, I can assure you that, with what I know, by blocking all this importation, the currency this year will be as low as N1,100 if we are lucky.

“The only thing is for, maybe, the government to stop the naira from getting stronger so that they will keep collecting more naira.

“But it’s a catch-22 situation where, now, if the naira gets stronger, it means that everything will go down. Everything will go down because we are an import-based country, which we shouldn’t be. What we should be doing is manufacturing all the things that we need.”

Dangote also called for stronger protection for local investors through incentives and infrastructure, highlighting power supply as a persistent challenge.

“While the policy is in order, it must be backed with full protection for industrialists to drive the nation’s goal for industrialisation, job creation, and economic growth,” he said.

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The remarks come as Nigerian stocks continue to perform strongly.

Bloomberg reported that Nigerian equities delivered the world’s second-best dollar returns in 2026, climbing 31% and recovering $21 billion in market value lost after the naira’s sharp devaluation in 2024.

Total market capitalisation on the Lagos Exchange now stands at about $84 billion, roughly 58% higher than before the naira’s collapse.

Otedola had previously predicted that the naira could trade below ₦1,000 to the US dollar before the end of 2026, following the Dangote Petroleum Refinery reaching its full production capacity of 650,000 barrels per day.

He described the refinery’s output as “transformational for Nigeria and Africa” and said its ability to supply up to 75 million litres of Premium Motor Spirit daily would shift the country’s energy narrative and conserve foreign exchange.

“I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” Otedola had said.

The naira has recently strengthened, trading around ₦1,354 to the dollar at the official foreign exchange market and about ₦1,430–₦1,440 on the parallel market — its strongest levels in more than two years, according to market sources.

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