Business

The Nigerian Exchange closed Wednesday’s session marginally lower, with the All-Share Index declining 63.46 points from 246,082.63 at the open to 246,019.17 at the close.

Global ride-hailing company Uber is winding down its operations in Nigeria after 12 years, ending its presence in one of Africa’s largest and most competitive transport markets.

Speaking during a discussion with Larry Kudlow at the G20 financial meetings in Asheville, North Carolina, Bessent said the strait would be bypassed within two years.

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 figures come from the McKinsey Global Institute’s African Companies Database, which identified at least 345 companies across Africa with annual revenues of $1 billion or more.

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 project is expected to reach nearly 100,000 people, including households, schools, health facilities and businesses. Nigerian engineering company Maskh Nigeria Limited is handling procurement, engineering and construction across the project sites under the Demand Aggregation for Renewable Energy Technology Programme.