LPG: Nigerians paid more to refill 12.5kg gas cylinders in December
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Business News
SEC partners FSD Africa to boost investors’ confidence
SEC partners FSD Africa for inclusive growth.
The Securities and Exchange Commission (SEC) and FSD Africa have concluded a £450,000 deal. The deal which was concluded over the weekend will strengthen the regulatory structure and investment protection function of the SEC.
British Deputy High Commissioner, Laure Beaufils, during the signing, said for the country’s capital market to attract the much-sought-after investment and boost investors’ confidence, there is a need to establish strong regulations of international standards.
How the deal is expected to boost NSE investor’s confidence
The deal is expected to assist SEC to fund an institutional capacity audit towards identifying strengths and areas of improvement in its operations, as well as provide support to implement recommendations.
According to Beaufils, through the capital market, investments are channelled in infrastructure for the long-term development of the nation’s economy in the areas of job creation, small businesses and ultimately, inclusive growth.
SEC’s partnership with FSD Africa, according to the Acting Director General of the SEC, Mary Uduk, is all about international cooperation, international finance, and being reassured that it is safe to do business here.
Uduk stated that the capital markets have an essential role to play to help unlock capital that can be invested in the real economy and that can contribute to job creation and inclusive growth.
To make the deal come to fruition, Uduk stated that the commission will provide £22,000 as part of its contributions to support the efforts aimed at promoting a world-class market.
Uduk added that the collaboration will contribute to the continued development of the market by facilitating access to capital by both the private and public sectors and enhance the competitiveness of the Nigerian capital market as a global investment destination.
Speaking on the deal, the Director, FSD Africa, Mark Napier said well-functioning capital markets can play a vital role in support of inclusive economic growth by channelling long-term finance into infrastructure and other large-scale projects that create jobs and improve access to markets.
“Strengthening regulatory capacity in capital markets is an essential pre-condition for building investor confidence.” – Napier.
Energy
LPG: Nigerians paid more to refill 12.5kg gas cylinders in December
Nigerians paid more money to refill their 12.5Kg gas cylinder in December than they did in November 2020.
The average price for refilling 12.5kg cylinder of liquefied petroleum gas (LPG) increased by 1.75% in December compared to the month of November, according to the NBS report for December 2020.
The average cost of refilling the 12.5kg gas cylinder moved from N4,082.97 in November to N4,154.28 in December 2020.
According to the NBS report, the average price for refilling a 5kg cylinder of cooking gas increased by 0.12% month-on-month to N1,949.75 in December 2020 from N1,947.47 in November 2020.
Key highlights
- Bauchi (N2,489.12), Borno (N2,396.69) and Adamawa (N2,392.88) recorded the highest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas in the month of December 2020.
- Enugu (N1,563.75), Imo (N1,678.89) and Oyo (N1,691.67) recorded the lowest average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas.
- Delta (N4,838.46), Cross River/Sokoto (N4,800.00) and Akwa Ibom (N4,614.49) recorded the highest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas.
- While, Kaduna (N3,191.67), Zamfara (N3,462.50) and Niger (N3,500.00) recorded the lowest average price for the refilling of a 12.5kg cylinder for Liquefied Petroleum Gas.
LPG is fast becoming an alternative to firewood and kerosene as a means of cooking for most homes especially in urban areas in Nigeria. LPG is cleaner and more efficient than kerosene in cooking.
Coronavirus
COVID-19: FG to launch Rapid Response Register for urban poor
The FG has moved to inaugurate an emergency intervention database for the poor residing in urban centres and affected by the pandemic.
The Federal Government has announced that it would inaugurate a COVID-19 Rapid Response Register (RRR), which would be a health emergency response for the poor living in urban centers that have been affected by the pandemic.
This was disclosed by Mr. Joe Abuku, Communications Manager, National Social Safety Nets Coordinating Office (NASSCO), on Sunday in Abuja.
Mr. Abuku said the register would identify Nigerians that have been made poorer due to the pandemic, targeting mainly Traders and SME Owners.
He added that the scheme was designed by the Ministry of Humanitarian Affairs, Disaster Management, and Social Development, through NASSCO, in partnership with the World Bank, and will be inaugurated by Vice President Yemi Osinbajo, on Tuesday, at Transcorp Hilton, Abuja.
What Joe Abuku is saying
- “This register is being built by NASSCO as an expansion of the existing National Social Safety Nets Project (NASSP). It targets small business owners, street vendors, petty traders, Small and Medium Enterprises (SMEs), and service providers.
- “Others are low wage employed individuals and families, including daily wage-based laborers, urban poor and destitute (persons with disabilities), and vulnerable families in slum areas, affected by the pandemic.
- “The category of Nigerians who will be in this register is typically the urban/semi-urban poor engaged in the informal sectors of the economy, who lost their source of livelihood due to the impact of COVID-19 on businesses and jobs. The Federal Government plans to extend cash transfers to households in this register for a period of 12 months.”
He also stated that NASSCO would use geographical satellite sensing to locale the wards where the urban poor live, as the targeting of the poor would be done via cell phone Short Messaging Service (SMS) technology that allows residents of targeted communities register to be assisted by following simple steps using USSD codes.
The SMS approach would be integrated through data gathered by the National Living Standard Survey Assessments and would be complemented by existing databases of Non-Governmental Organisations and local self-help-support groups.
- “Mobile phone numbers of those deemed eligible for assistance will be linked to digitized bank accounts to receive cash support, under an expanded cash transfer program of the Federal Government. These cash payments are designed to boost consumption for these households, build their resilience, and in some cases, inject fresh capital into small businesses.”
What you should know
- Nairametrics reported last year that the World Bank said the outbreak of the coronavirus pandemic could make an additional 5 million Nigerians poor.
- The Poverty and Shared Prosperity Report 2020 by the World Bank Group indicate that between 88 million and 115 million people could fall back into extreme poverty as a result of the COVID-19 pandemic.
- This is in addition to an increase between 23 million and 35 million in 2021, potentially bringing the total number of new people living in extreme poverty to between 110 million and 150 million.
Coronavirus
Covid-19: Nigeria needs serious controls not a second lockdown – House Committee on Education
A member of the lower legislative house has advised the government to focus on serious control measures to help prevent the spread of COVID-19.
Professor Julius Ihonvbere, Chairman, House Committee on Basic Education & Services, said the Federal and States governments should not impose a lockdown, but rather focus on serious control measures to help prevent the spread of the coronavirus.
He disclosed this during an interview with Channels TV on Sunday evening.
- “I do not think we need a national lockdown now, I think what we need now is the first instance is serious controls. Let me say that the Governor of Lagos is the ‘poster man’ for the fight against covid-19. If we see you outside without a mask, we will arrest you and charge you to court, that is the kind of courage we need.”
READ: Lagos state police raid night clubs, arrest 237 suspects, to face prosecution
He cited serious controls like buying hand sanitizers and washing materials to schools and urban areas in Lagos as part of the controls that should be commended.
- “The issue is not a lockdown. If you lock people down, and you are not doing the right thing inside the lockdown, the cases will still increase. They (masses) will break it and will challenge it as they did during the first lockdown. So, the real issue is to bring out the policies and implement them.
- “The Federal Ministry as a supervisor, yes states have the autonomy, but we give the state’s money from UBEC every year, we give them billions, what are they doing with it?
READ: African Union secures 270 million Covid-19 vaccine doses from drugmakers
He urged that the FG should investigate what States use their Universal Basic Education Funds for, as Nigeria is in a time for “retooling and repurpose” and UBEC funding should be utilized in the fight against Covid-19.
What you should know
- Nairametrics reported last week that the Federal Government said Nigeria is not contemplating another lockdown and urged Nigerians to ignore social media posts circulating the possibility of another lockdown.
