CARTHENAADVISORY

Insights by sector

Energy & power insights

Energy is the cost every Nigerian business pays twice: once in the tariff and again in the generator. Our analysis follows the money through the sector, from fuel subsidy removal to a power market that earns in naira and owes in dollars, and sets out what each shift means for operators, investors and the businesses that depend on them.

Insights

The Carthena Read, Issue 9: Nigeria's power sector earns in naira and pays in dollars. 85 naira collected per kilowatt-hour received against 95 naira to generate it; 4 per cent of the 2025 subsidy paid; 2,034 megawatts on the grid on 5 October.
Natural Resources & Infrastructure · 6 November 2026

Nigeria's power sector earns in naira and pays in dollars

Carthena Insights: Fuel subsidy removal in Nigeria, what every citizen should know. ₦1.3tn spent on fuel subsidy in 2020; ₦3tn in 2022, more than double.
Fiscal & Economic Policy · 8 May 2023

Fuel Subsidy Removal in Nigeria: What Every Citizen Should Know

The Carthena Read Issue 6, September 2026. Nigeria knows what it needs to build. It cannot find the money to build it. $120bn needed every year, $1bn into power out of $12bn needed, 2% pension funds in infrastructure against a 15% regulatory ceiling.
Global Economic Intelligence · 17 September 2026

Nigeria knows what it needs to build. It cannot find the money to build it.

Carthena Insights: The architecture of disruption. China-Africa trade of $348bn in 2025, up 17.7%; $5.31bn lost in Nigeria's crude export earnings; a 10% US tariff on $1.2tn of annual imports.
Global Economic Intelligence · 21 March 2026

The Architecture of Disruption: How the New Global Economic War Is Reshaping Africa's Future

Carthena Insights: Nigeria's infrastructure moment, from deficit to defining opportunity. $2.3tn needed by 2043; $2.7bn allocated in the 2025 Federal Budget; $29bn spent by businesses on generators every year.
Natural Resources & Infrastructure · 19 March 2026

Nigeria's Infrastructure Moment: From Deficit to Defining Opportunity

Carthena Insights: How Fuel Prices Are Crushing Consumer Budgets in Nigeria. The full economic cost of Nigeria's fuel price dynamics extends well beyond the pump.
Fiscal & Economic Policy · 31 May 2023

How Fuel Prices Are Crushing Consumer Budgets in Nigeria

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