When Emmanuel Adeyemi opened his cold-storage and logistics business in Lagos five years ago, he budgeted for fuel as a minor line item, a backup for when the national grid flickered.
Today, diesel accounts for nearly 40 percent of his monthly operating costs, and the arithmetic is getting worse by the quarter.
"I am not competing with my rivals in my sector anymore," said Adeyemi, whose company stores and distributes pharmaceuticals for hospitals across Nigeria’s commercial capital. "I am competing with the fuel pump. Every time the pric
