With the admission of Dukia Gold’s diversified financial instruments backed by gold as the underlying asset, Lagos Commodities and Futures Exchange is set to commence gold trading.
According to Dukia Gold, the instruments will be in form of exchange-traded notes, commercial papers and other gold-backed securities, adding that it will enable the company to deepen the commodities market in Nigeria, increase capacity, generate foreign exchange for the Nigerian government to better diversify foreign reserves and create jobs across the metal production value chain.
Tunde Fagbemi, the Chairman, Dukia Gold, disclosed this while addressing journalists at Pre-Listing Media Interactive Session in Lagos on Thursday.
He said, “We are proud to be the first gold company whose products would be listed on the Lagos Futures and Commodities Exchange. The listing shall enable us facilitate our infrastructure development, expand capacity and create fungible products.
“This has potential to shore up Nigeria’s foreign reserve and create an alternative window for preservation of pension funds. A gold-backed security is a hedge against inflation and convenient preservation of capital.”
“As a global player, we comply with the practices and procedures of London Bullion Market Association and many other international bodies. Our refinery will also have multiplier effects on the development of rural areas anywhere it is located,” he added.
Mr Olusegun Akanji, the Divisional Head, Strategy and Business Solutions, Heritage Bank, said the lender had created a buying centre for verification of quality and quantity of gold and reference price to ensure price discovery in line with the global standard.
Monetisation of Gas Flare to Drives Nigeria Towards Climate Neutrality
Nigeria LNG, a liquefied natural gas-producing company, said monetizing over 60% of flared gas through its various liquefied natural gas plant will drive Nigeria on the path to achieving climate neutrality, which is the country’s energy transition goal.
Climate neutrality is referred to as net zero greenhouse gas emissions.
According to the firm, energy transition, just like Rome, doesn’t happen overnight, adding that a step-by-step process of taking out dirty fuels and flare reduction is the right path to achieving transition goals.
NLNG’s Managing Director, Philip Mshelbia, stated that in a country with huge energy deposit, the reduction of carbon starts by building cleaner alternative energy sources for a population that majorly depend on dirty fuels.
According to Philip, monetizing gas will help Nigeria reduce flares, provide thought leadership on the “Decade of Gas” agenda, generate funds for investment in essential infrastructures and enhance the well-being of the citizens.
Investors King had previously reported that Dr. Zainab Gobir, who represented the Executive Director, Economic Regulations and Strategic Planning, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said different initiatives and plans are in place to facilitate the shift to a gas-based economy including the declaration of the ‘Decade of Gas’, to foster economic growth and industrialization driven by gas.
Speaking at this year’s ongoing GASTECH event in Milan, Italy, Philip revealed that in line with NLNG’s objective, the company was equally determined to supply 100 percent of its Liquefied Petroleum Gas (LPG) output to the domestic market to drive the growth of LPG utilization in the country and help decrease the health, safety and environmental risks attributed with the use of other domestic fuel sources.
He further stated that through the supply of LPG, NLNG prioritized the supply of clean energy in Nigeria, while working hand in hand with the government to heighten LPG consumption as part of national journey to a clean energy future.
“We also expanded our capability in running our plants to generate electricity. We generate over 300MW of electricity to power our community on the Island from where we operate,” he added.
Nigeria Generates N14 Billion From Cashew Nuts Export
Nigeria made about N14 billion from cashew exports in the past year
The National Cashew Association of Nigeria (NCAN) reported on Sunday that Nigeria made about N14 billion from cashew exports in the past year and that the country is working to increase its yearly production to one million metric tonnes (MT).
Ojo Ajanaku, president of NCAN, said that the country’s cashew production would grow to 400,000MT in the harvesting season.
He said, “We produce between 350,000 to 360,000MT of cashew annually. With the cooperation of the ministries, departments, and agencies of government in the past two years, we believe that we will meet between 400,000 to 420,000MT in the coming harvest.
“However, our target is to grow it to a million metric tonnes in four to five years and we are on the right path to achieving this as a nation.”
Ojo said the country was exporting more raw cashew than processed ones, stating that the product was generating increased revenue for Nigerian farmers.
He said, “Nigeria is currently doing more of the export of the raw cashew nuts because we don’t process more of it. Generally, it is a problem in Africa, not only in Nigeria. However, it has been giving us a lot of income when you talk about foreign earnings.
“It is second to sesame seed in terms of foreign exchange generation from agro-exports. I may not be able to give you the accurate figure in terms of foreign exchange, but in naira what we got from the export of cashew in the last year was about N14 billion.”
The president of NCAN said the 16th edition of the African Cashew Alliance meeting is scheduled to take place in Abuja this month. The conference would be held in Nigeria for the first time.
“The Federal Government is hosting it in Abuja this month and we hope the conference will attract international investors,” Ajanaku stated.
He said “the Federal Government has been contributing immensely to see that the cashew sector is growing.
“However, we are asking for more because we have the potential to produce more than what we are producing currently.”
Safe to say, the country’s motive to diversify the economy seems to be yielding positive results, as the recently released Q2 of the country’s GDP report revealed that the non-oil sector remains the powerhouse of the Nigerian economy.
Price of 5kg Cooking Gas Jumps Over 100% Year-on-Year
The price of Cooking Gas has witnessed a continual increase despite Nigeria’s huge deposit of the commodity.
In the past few months, the price of Liquefied Petroleum Gas (LPG) popularly known as Cooking Gas has witnessed a continual increase despite Nigeria’s huge deposit of the commodity.
The average retail price of a 5kg cylinder of cooking gas has increased over 100% in the last 12 months.
As at August 2021, cooking gas was sold at N2,250 per 5kg cylinder and now sells for N4,500 today, representing an increase of 100%.
A report from the Nigerian Bureau of Statistics (NBS) revealed that the average retail price for refilling a 5kg Cylinder grew by 7.57% on a month-on-month basis from N3,921.35 recorded in May 2022 to N4,218.38 in June 2022.
And on a year-on-year basis, the price of the commodity increased by 103.92% from N2,068.69 in June 2021.
Further analysis of the data revealed that prices are not uniform across the country. In Adamawa, a 5kg cylinder was refilled at N4,650.00, the highest in the country, according to the NBS report. Gombe followed with N4,566.67 and Niger came third with N4,540.
The states with the lowest average prices as of June were Zamfara with N3,700; Yobe at N3,820 and Kano at N3,875, respectively.
In addition, the North-Central recorded the highest average retail price for refilling a 5kg Cylinder of LPG (Cooking Gas) with N4,378.95, followed by the North-East with N4,301.48, while the North-West recorded the lowest with N3,994.57.
The continued surge in the price of cooking gas was not unique as prices of other deregulated petroleum products like kerosene and diesel also increased during the same period.
A local gas dealer in the Aboru area of Lagos States, Boluwatife Andero, who spoke with our correspondent, on Monday, said the price of cooking gas changes every two to three days.
He said, “The market is unpredictable. A kg of cooking gas was selling for N850 per kg as at Friday but this morning, it’s selling for N900 per kg”.
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