Nigeria’s largest corporations are grappling with a severe surge in energy costs, with expenditure skyrocketing by 77 percent in 2024 amid the nation’s power crisis. The spike, driven by unreliable grid electricity and soaring diesel prices, is squeezing profit margins, forcing production cuts, and raising fears of job losses and higher consumer prices in Africa’s largest economy. An exclusive BusinessDay analysis of Nigeria’s 17 largest firms by market capitalisation revealed that their combined energy costs ballooned by 77 percent to N1
Nigeria’s largest corporations are grappling with a severe surge in energy costs, with expenditure skyrocketing by 77 percent in 2024 amid the nation’s power crisis. The spike, driven by unreliable grid electricity and soaring diesel prices, is squeezing profit margins, forcing production cuts, and raising fears of job losses and higher consumer prices in Africa’s largest economy. An exclusive BusinessDay analysis of Nigeria’s 17 largest firms by market capitalisation revealed that their combined energy costs ballooned by 77 percent to N1