A running joke in Nigeria is that the middle-class Nigerian’s dream is to own an SUV and two backup generators. Yes, even your backup generator needs a backup generator.
As diesel prices have spiked and petrol scarcity every 2-3 business days, the middle-class Nigerian dreamer would be happy with a more fuel-efficient Toyota sedan and gladly swap one backup generator for a solar home system.
Key takeaways:
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2022 has been a never-descending roller-coaster ride in terms of energy prices. Diesel prices practically tripled, and oil and gas production declined.
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While individuals are affected, Nigerian businesses are also reeling from the impact—from Seplat to Dangote group and even SMEs.
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However, the Nigerian National Petroleum Corporation (NNPC) is probably the worst hit as it’s impacted by low production levels and a high petrol subsidy price tag.
You see, 2022 has been one for the books regarding energy events in Nigeria. From record
