Business

Nigeria, Others Need $7.5bn To Deepen LPG Usage – Refiners

Published

3 years ago

May 9, 2023

Editor

To displace charcoal with clean cooking gas, also known as Liquefied Petroleum Gas, would cost Nigeria and other countries in Africa about $7.5bn for downstream infrastructure and stoves, the African Refiners and Distributors Association has said.

It also stated that the continent remained the lowest in per capita consumption despite its huge abundance of gas, stressing that it was high time stakeholders came up with finance strategies and solutions to address the bottlenecks to clean cooking gas usage on the continent.

The Executive Secretary, ARDA, Anibor Kragha, who disclosed this during an LPG virtual workshop by the group, stated that while sub-Saharan Africa had 14.4 per cent of the world’s population, it had less than one per cent of global LPG consumption.

“Many countries have little or no bulk handling facilities,” Kragha stated.

He, however, noted that LPG consumption in Africa had more than doubled since 2010, noting that the consumption recorded 9.7 per cent annual growth rate over the past decade.

He said Nigeria remained the largest LPG consumer, adding that LPG was the fastest growing petroleum product in sub-Saharan Africa.

The Vice President, LPG, Europe, Middle East and Africa at Argus, David Appleton, said cooking gas was critical to energy security in Africa.

He noted that safety, pricing, culture and finance were critical to the growth of the sector in Africa, stressing further that infrastructure development remained a key issue.

Appleton said investors in the sector would definitely expect returns on investments, adding that there must be a way to de-risked investments as much as possible.

He said Africa must think about long term investments and that there was a need for regulatory progress and consistency.

The Senior Associate, Investments, African Finance Corporation, Moussa Dabo, who disclosed at the event that the firm had invested $10.5bn across 36 countries in Africa, said there was need to improve governance and institutions for Africa to attract investments.

Dabo noted that lenders were more comfortable lending to organisations that were willing to establish the best-in-class business practices.

According to him, stability and practicability of cash flow could significantly help reduce cost of financing, while driving more investment into LPG.

“Securing favourable, diversified and long term supply contracts with established global traders is necessary and players in the sector should recalibrate their capital structure before seeking financing,” Debo stated, as he explained that equity injection in the business could help lower financing costs.

Also, in a presentation by Wagl Energy Limited, stakeholders at the company noted that the potential for LPG consumption in Africa could improve if the continent was committed to solving challenges in the areas of gas production that prioritised local market, shipping, storage as well as distribution to other end-users.

The company explained that the inadequate number of LPG vessels owned and managed by sub-Saharan African companies was one of the infrastructure issues facing LPG growth in the region.

It decried the limited LPG storage facilities in the region, stressing that several ports and jetties in sub-Saharan Africa, particularly in places such as Nigeria, also had draft restrictions, with their drafts tending to range between 8 – 8.5m.

The gas firm further noted that of the three challenges, the greatest opportunity was in solving the storage bottleneck, as the sub-Saharan region was suffering from a severe lack of LPG storage facilities.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

1 day ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

7 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.