Business

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.

According to the National Bureau of Statistics, electricity, gas, steam and air-conditioning supply contracted 10.63% year on year in real terms in Q2 2026. Q1 recorded a deeper 15.30% decline, extending the sector’s downturn into a second quarter.

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.

Nigeria’s Gross Domestic Product (GDP) grew by 4.43 percent year-on-year in real terms in the second quarter of 2026, according to the latest data released by the National Bureau of Statistics (NBS).