The US dollar makes the Nigerian economy go round.
Where would we be without it? If we had our way, we’d all earn in dollars and leave the pesky naira for the CBN and FG.
Key takeaways:
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Nigeria’s retail energy sector is import-reliant, which means dollar dependence.
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As such, the 2022 dollar scarcity has greatly contributed to higher energy prices for Nigerians.
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Besides fixing our dollar supply through subsidy removal and higher exports, functioning refineries could reduce the demand for dollars from the downstream energy sector.
Nigeria’s 2022 dollar situation has severely impacted the energy sector. Ironically, the oil and gas sub-sector is partly responsible for our current dollar scarcity.
