Diesel prices in the North East soared by 36.26%, the highest increase nationwide.
All three northern zones—North East (36.26%), North Central (33.71%), and North West (15.44%)—saw the steepest fuel price increases, outpacing their southern counterparts.
The South East (6.97%) and South South (9.23%) recorded the lowest diesel price increases.
The South West experienced a moderate rise at 13.30%, positioning it between the extremes of northern and other southern zones.
The uneven price changes point to a broader issue of fuel supply chain challenges, infrastructure, and perhaps market inefficiencies affecting certain regions more than others.
The North East had the highest average cooking gas prices of ₦7.4k and ₦18.2k for 5kg and 12.5kg cylinders respectively
The average price of 5kg and 12.5kg cooking gas rose by 44.62% and 50.08% from December 2023
The North East had the highest average price for 5kg gas, followed by the North Central, South West, North East, South East, and then the South South, which had the lowest average price
The North East had the highest average price for 12.5kg gas, followed by the South West, South-South, South East, North East, and then the North Central, which had the lowest average price
China's total LNG imports dropped by over 55%, from $44 billion in 2021 to $19.4 billion in 2023, showing a significant reduction in demand and a shift in sourcing.
Australia, which was China’s largest LNG supplier in 2021 ($16.3 billion), is no longer among the sources in 2023, signaling a shift in China’s energy diversification strategy.
Russia and Turkmenistan have emerged as dominant suppliers in 2023, with Turkmenistan leading at $9.61 billion and Russia following at $6.44 billion
The U.S. has nearly disappeared from China's LNG market, dropping from $6.22 billion in 2021 to just $52,400 in 2023, a staggering 99.99% decline, likely due to geopolitical tensions and trade policies.
Nigeria's national grid has experienced 12 collapses so far in 2024, a troubling trend that reveals the fragility of the country's energy infrastructure. The timeline highlights intervals ranging from as short as one day to as long as 82 days between incidents. Notably, two consecutive collapses occurred on October 14 and October 15, while a total of 9 collapses occurred in the second half of the year.
Yesterday's collapse came 35 days after November 7, when the grid went down for the 11th time.
Nearly half (46%) of Nigerian households struggle with electricity access, with the Northern region facing the most significant challenges. The three Northern geopolitical zones have access rates below the national average, whereas South East Nigeria has the highest access, with only 25.4% of households lacking electricity.
Nigeria’s national grid has experienced a record ten collapses/disturbances impacting power supply nationwide. From February to November, frequent disruptions have pointed out the grid’s vulnerability and the need for sustainable solutions to Nigeria’s energy crisis. These grid issues reoccur every 31 days on average, affecting households, businesses, and industries.
