Business
Skyrocketing LPG, Kerosene Prices Destabilise Households
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Many households in Port Harcourt and its environs, as well as other parts of the country have been enmeshed in unbearable hardship daily over continuous increase in prices of cooking gas (Liquified Petroleum Gas) and kerosene.
The Tide’s check within Port Harcourt and its environs has revealed that many households that had relied on cooking gas and kerosene, have now resorted to the use of firewood, which is also not easy to get as before.
It has become more worrisome also with newly released reports by the Nigerian Bureau of Statistics (NBS) that prices of kerosene and cooking gas rose by 99 per cent and 122 per cent respectively recently.
In one of the households, Mrs Jane Oke, a petty trader at the Rumuosi market, in Akpor Kingdom, who opened up on her ordeal, said coping with the constantly increasing kerosene prices is becoming unbearable for her and her six-member family.
She said her husband, Mr John Oke, is a roadside mechanic whose earning is not ever enough to take them through the month, saying her gives her a monthly upkeep of N30, 000 which she has to manage per month.
“I am even tired of cutting costs because each time you go to buy things at the market, you would notice that the price you bought last week is not the same price it would be sold this week,” she lamented.
On her part, Mrs Hannah Chigor, a resident of Rumuoke Community, off Ada-George area of Port Harcourt, said, things are no longer easy for them, since her husband lost his job.
According to her, their family of seven has been having difficulty in coping with the buying of gas and kerosene to meet the daily demand of the family, noting that though she has opted using firewood, it is also not easy to get it presently because of the demand for it.
Meanwhile, the data from the NBS has shown that the average retail price per litre of household kerosene, otherwise known as cooking kerosene, paid by consumers in July 2022 was N789.75, indicating an increase of 3.68 per cent compared to N761.69 recorded in June 2022.
On state profile analysis, the highest average price per litre in July 2022 was recorded in Enugu with N1,004, followed by Ekiti with N989 and Osun with N949.
On the other hand, the lowest price was recorded in Bayelsa State at N643, followed by Benue State whose price was N655, and Rivers State at N655.
Also, analysis by zone showed that the South-West recorded the highest average retail price per litre at N901, followed by the South-East, whose cost was N892, and North-Central at N762, while the South-South recorded the lowest at N727.
The average retail price per gallon paid by consumers in July 2022 was N2,888, showing an increase of 7.98 per cent from N2,673 in June 2022.
On state profile analysis, Abuja recorded the highest average retail price per gallon at N3,600, followed by Enugu at N3,501 and Ekiti at N3,450.
The Nigeria National Petroleum Corporation (NNPC) had halted the importation of the product, leading to continuous hike in prices by independent marketers.
NNPC has also not been able to produce any drop for a couple of years now due to the non-functionality of refineries.
A middle-class banker with one of the high-rising financial institutions in Port Harcourt, Mrs Nike Ogunjimi, said the skyrocketing cooking gas prices were affecting her family negatively.
Narrating her ordeal, she said her four-member family now rationed their gas usage.
“Unfortunately for my family, from 2020 till today, there has not been any increase in salary, nothing! Instead, what we get is an increase in the cost of living. Prices of foods are hitting us hard, and gas is not helping matters at all.
“In August, I filled a 12.5kg cylinder for N11, 000 from around N3500 that we bought in 2020. And the price is still increasing because it’s now N11, 500. Where are we going in this country for God’s sake? I don’t blame those running away to better economies,” she said.
According to the NBS data, Ebonyi State recorded the highest average retail price for the refilling of a 12.5kg cylinder at N11,212, followed by Delta State at N10,926 and Ekiti at N10,883.
Conversely, the lowest average price was recorded in Katsina State at N8,355, followed by Yobe and Kano States at N8,383 and N8,614 respectively.
Also, the average retail price for refilling a 12.5kg cylinder increased by 3.56 per cent on a month-on-month basis from N9,486 in June 2022 to N9,824 in July 2022.
On a year-on-year basis, this rose by 122.15 per cent from N4,422 in July 2021.
The Federal Government has said it intends to deepen local gas usage through its National Gas Expansion Programme.
By: Corlins Walter
Business
Eazipay Offers Zero-Interest Loans To 150,000 SMEs, Employees
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With a mission to ignite growth, encourage business continuity and help businesses and employees thrive, Eazipay is gearing up to propel the dreams of 150,000 SMEs and employees to new heights through her relief fund.
Gone are the days of financial constraints and stifled dreams. With Eazipay’s support, SMEs and employees alike can bid farewell to limitations and embrace a world of endless possibilities.
Whether it’s start up, business expansion or personal development, Eazipay is here to make dreams come true.
The mind-blowing initiative, which kicked off this month, would end in December, and will also offer a range of perks and benefits designed to put a smile on the faces of SMEs and employees alike.
From exclusive discounts to various advisory services and beyond, Eazipay is committed to spreading happiness and creating lasting impact in people’s lives and to the growth of businesses.
The technology company which offers products and services that range from payroll management to IT/Device management and assessments, “Eazipay isn’t just providing financial support but also unleashing a wave of growth and prosperity for SMEs and employees across the nation.
“Interested businesses and individuals can take part in this initiative directly from the Eazipay website: www.myeazipay.com”.
Business
SMEs Critical For Sustainable Dev – Commissioner
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The Commissioner of Finance, Lagos State, Abayomi Oluyomi, has described Small and medium Enterprises (SMEs) as a critical engine for sustainable development in any economy.
He said this recently at the 10th anniversary of the Alert Group Microfinance Bank and the opening of their new head office in Lagos.
According to the National Bureau of Statistics, SMEs accounted for about 50 per cent of Nigeria’s gross.
He commended the positive impact of the Alert MFB as it empowers SMEs in the State.
“Alert MFB in the past 10 years has been at the forefront of empowering SMEs in Lagos State, disbursing over N30bn in loans to over 30,000 individuals having small to medium businesses over that period, which is quite remarkable”, he said.
Speaking, the Group Managing Director of Alert Group, Dr Kazeem Olanrewaju, revealed that the financial institution commenced business in 2013 as a microfinance bank.
“We started this journey in 2013 and it has been expanding. Today, they have about 10 branches across Lagos. They have supported well over 30,000 clients and have disbursed over N30bn.
“The company has been profitable since the second year. Looking at the market and the available opportunity, the Alert MFB board decided to come together to establish a Microfinance Institute (MFI), which is the Auto Bucks Lenders”, Dr. Olanrewaju said.
The GMD further stated that the company was focused more on supporting businesses and small and medium enterprises.
“The loan to support business represents over 98 per cent. The consumer loans you will see are the ones given to entrepreneurs. So, the area of focus of Alert MFB and Auto Bucks Lenders is to support businesses across the country.
“With the establishment of Auto Bucks Lenders, we have the opportunity to also do business outside Lagos. So, presently, we have offices in Ogun State and Oyo State. We intend to go to every part of Nigeria to support what we are doing”, he declared.
Business
Retailers Explain Price Drop In Cement Cost
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The cement market, in the last couple of weeks, has seen a significant turnaround with prices tumbling from between N10,000 and N15,000 per 50kg bag to between N7,000 and N8,000.
The sudden rise in the prices of cement and other major building materials in February this year upsets the construction industry, especially in real estate, where many developers were forced to abandon building sites.
A recent market survey conducted by The Tide’s source in different locations across the country confirmed a price drop, ranging between N7,000 and N7,500 per bag, though BUA cement is selling for N7,500 to N7,800 per 50kg bag, depending on location.
Both entrepreneurs and major distributors who were interviewed, explained that the price drop is due to low demand and government’s intervention.
At the peak of the price hike, the Federal Government called a meeting with major producers where it was agreed that a bag of cement should be between for N7,000 to N8,000, depending on location.
But the producers did not comply with this agreement immediately, followin which “Nigerians stopped demanding for cement; many project sites were abandoned as developers sat back and waited for the prices to come down.
“So, what has happened is an inter-play of demand and supply with price responding, which is Economics at work”, Collins Okpala, a cement dealer, told the source in Abuja.
In the Nyanya area of the Federal Capital Territory, a 50-kg bag of Dangote cement now sells for between N7,000 and N7,500, while BUA cement sells for between N8,500 and N9,500, down from between N11,000 and N12,000 respectively.
In Lagos, the product has seen significant price drop too. In Ojo area of the state, Sebastin Ovie, a dealer, told our reporter that what has happened is a crash from the January price, attributing the crash to low demand and stronger naira.
“The current price of the product is between N7,000 and N7,500 per 50kg bag, depending on the brand. This is a significant drop from the average of N12,000 which most dealers were selling in February and March”, he said.
A dealer in Agege area of the state who identified himself as Taofik Olateju, told the source that sales are picking up due to the drop in price.
He recalled that Nigerians at a point stopped buying due to the high price of the product at N15,000 per bag.
“I am sure most dealers ran at a loss then because we had mainly old stocks which we wanted to offload quickly”, he said, confirming that the product sells for between N7,500 and N8,000, depending on the brand and the demand for the brand.
Continuing, Olateju noted that “because the naira is now doing well against the dollar, it will be unreasonable for manufacturers to continue to sell the product at the old prices. I also believe that the federal government’s intervention and the threat to license more importers may have worked, leading to the reduction in price”.
In Enugu, the source reports that the product sells for between N7,200 and N7,500 depending on the brand and location.
“This is a city where the price of a 50kg bag went for as high as N12,000 and N13,000 in some cases in February and March”, Samuel Chikwendu said.
He added that the prices of other building materials, especially iron rods, have also dropped considerably which is why, he said, activities are picking up again at construction sites.
The story is slightly different in Owerri, the capital of Imo State, where Innocent Okonkwo told the source that low demand was also driving the price drop, adding that a 50kg bag was selling for N9,000 on the average in the state.
Sundry market observers are optimistic of further price reductions, but they remain cautious as manufacturers, wholesalers, and retailers continue to play critical roles in setting prices for end-users.
They lamented, however, that despite Nigeria’s status as one of the largest producers of cement in Africa, the price of the product continues to rise, particularly in the face of high inflation impacting the building materials market generally.
Okpala in Abuja highlighted the variations arising from direct sourcing from manufacturers versus procurement through dealers, with traders holding old stocks selling products at prices ranging from N8,500, N8,300 to N8,000 per bag.
Lucy Nwachukwu, another dealer in Abuja, said the significance of procurement volume in determining cement costs, noting that stability in prices has been observed over the past month, with the product retailing for between N7,000 and N7,800 depending on the brand.
In Port Harcourt also, a customer, Daniel Etteobong Effiong, said the price goes between N7500 to N8500, depending on the brand and the location one is buying from.
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