Ogochukwu Onwaeze, THEWILL

The decline reversed much of the strong earnings improvement recorded between March and June, when monthly profit rose from N276 billion to N481 billion in April, N462 billion in May and N535 billion in June.

According to the minister, the investment has supported the expansion of CNG refuelling infrastructure, vehicle conversion centres, technical capacity and other components required to drive nationwide adoption.

The Minister of Power, Joseph Tegbe, made the argument on Tuesday while delivering a keynote address at the opening plenary of the Middle East Energy 2026 Leadership Summit in Dubai.

The acting General Secretary of the NLC, Benson Upah, said the latest increase would further worsen the economic pressure facing workers and low-income households already struggling with high transportation, food and living costs.

According to data from the Manufacturers Association of Nigeria (MAN), the average interest rate administered to manufacturers fell to 32.1 percent in 2025, compared with 35.6 percent recorded in 2024.

The NGX All-Share Index opened at 244,199.39 points and rose by 1,883.24 points to close at 246,082.63 points, representing a 0.77 percent increase.

The company disclosed the performance in its audited financial results for the year ended May 31, 2026, compared with revenue of N212.63 billion recorded in the previous financial year.

The latest performance reinforces the growing importance of domestic refining to Nigeria’s petroleum industry, following years in which the country relied heavily on imported refined products despite being a major crude oil producer.

Data from the Central Bank of Nigeria showed turnover fell from about $5.28 billion in the preceding trading week.

The NGX All-Share Index suffered 11 consecutive losing sessions before returning to positive territory on Thursday, August 27. The rebound continued on Friday, August 28, when the index gained 0.90 percent to close at 241,298.47 points.