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Nigerian (NSE) Energy Sector Analysis

UpdatedNov 06, 2025
DataAggregated Company Financials
Companies5
  • 7D-9.4%
  • 3M29.9%
  • 1Y62.0%
  • YTD11.9%

Over the last 7 days, the Energy industry has dropped 17%, driven by pullbacks from every company within the industry. Over the past 12 months, the industry was up 61%. As for the next few years, earnings are expected to grow by 57% per annum.

Sector Valuation and Performance

Has the Nigerian Energy Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 06 Nov 2025₦3.5t₦2.2t₦378.4b19.3x9.4x1.6x
Sat, 04 Oct 2025₦3.3t₦2.2t₦306.3b21.4x10.7x1.5x
Mon, 01 Sep 2025₦2.7t₦2.2t₦318.8b23.5x8.4x1.2x
Wed, 30 Jul 2025₦2.8t₦2.7t₦292.3b16.6x9.5x1x
Fri, 27 Jun 2025₦2.8t₦2.8t₦304.1b12.1x9.1x1x
Sun, 25 May 2025₦2.6t₦2.8t₦310.8b12.1x8.4x0.9x
Tue, 22 Apr 2025₦2.8t₦2.6t₦308.3b11.3x9x1.1x
Thu, 20 Mar 2025₦2.8t₦2.6t₦297.5b12.3x9.6x1.1x
Sat, 15 Feb 2025₦2.9t₦2.6t₦297.5b13x9.9x1.1x
Mon, 13 Jan 2025₦3.2t₦2.1t₦192.2b14.5x16.6x1.5x
Wed, 11 Dec 2024₦2.5t₦2.1t₦192.2b10.9x13.3x1.2x
Fri, 08 Nov 2024₦2.4t₦2.1t₦191.4b10.5x12.5x1.1x
Sun, 06 Oct 2024₦391.4b₦1.5t₦42.0b9.3x9.3x0.3x
Tue, 03 Sep 2024₦384.5b₦1.5t₦42.0b9.3x9.1x0.3x
Thu, 01 Aug 2024₦278.0b₦1.4t₦41.6b7.6x6.7x0.2x
Sat, 29 Jun 2024₦251.8b₦1.2t₦34.4b7.6x7.3x0.2x
Mon, 27 May 2024₦228.0b₦1.2t₦34.8b8.6x6.6x0.2x
Wed, 24 Apr 2024₦359.1b₦1.1t₦26.9b10.3x13.3x0.3x
Fri, 22 Mar 2024₦388.2b₦1.1t₦28.5b9.5x13.6x0.4x
Sun, 18 Feb 2024₦412.0b₦1.1t₦28.5b9.5x14.5x0.4x
Tue, 16 Jan 2024₦441.9b₦1.3t₦10.2b9.9x43.3x0.3x
Thu, 14 Dec 2023₦410.9b₦1.3t₦10.2b9.1x40.2x0.3x
Sat, 11 Nov 2023₦407.5b₦1.3t₦10.2b9.5x40x0.3x
Mon, 09 Oct 2023₦389.3b₦1.2t₦9.8b8x39.8x0.3x
Wed, 06 Sep 2023₦375.9b₦1.2t₦9.8b8x38.4x0.3x
Fri, 04 Aug 2023₦374.4b₦1.2t₦9.7b8.1x38.6x0.3x
Sun, 02 Jul 2023₦332.4b₦1.2t₦12.8b9.6x26x0.3x
Tue, 30 May 2023₦171.2b₦1.2t₦19.3b7.1x8.9x0.1x
Thu, 27 Apr 2023₦147.5b₦1.1t₦15.5b7.4x9.5x0.1x
Sat, 25 Mar 2023₦199.7b₦1.1t₦16.7b5.7x12x0.2x
Mon, 20 Feb 2023₦193.4b₦1.1t₦16.7b5.1x11.6x0.2x
Wed, 18 Jan 2023₦187.1b₦1.0t₦7.0b5x26.8x0.2x
Fri, 16 Dec 2022₦174.1b₦1.0t₦7.0b4.6x24.9x0.2x
Sun, 13 Nov 2022₦171.0b₦1.0t₦9.7b4.4x17.7x0.2x
Price to Earnings Ratio

17.7x


Total Market Cap: ₦171.0bTotal Earnings: ₦9.7bTotal Revenue: ₦1.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Energy Sector Price to Earnings3Y Average 18.1x202320242025
Current Industry PE
  • Investors are pessimistic on the Nigerian Energy industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 9.3x which is lower than its 3-year average PE of 18.1x.
  • The 3-year average PS ratio of 0.60x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Energy industry have grown 239% per year over the last three years.
  • Revenues for these companies have grown 28% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Nigerian Energy sector?

NG Market-2.42%
Energy-9.40%
Oil and Gas-9.40%
Energy Services-9.62%
Industry PE
  • Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 11.1x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Oil and Gas industry, which is trading below its 3-year average of 14.6x.
Forecasted Growth
  • Analysts are most optimistic on the Oil and Gas industry, expecting annual earnings growth of 57% over the next 5 years.
  • However this is lower than its past earnings growth rate of 170% per year.
  • In contrast, the Oil and Gas industry is expected to see its earnings grow by 57% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
No data available

Latest News

OANDO
₦42.00
Oando
7D
-1.3%
1Y
-24.6%

Oando Plc – H1 2025 Financial Review: Avoid – Until Operational Turnaround is Evident

OANDO PLC 9M 2025 RESULTS: STRATEGIC TURNAROUND GAINS TRACTION AMID REVENUE PRESSURE AND BALANCE SHEET REPAIR MOMENTUM Strategic Context Oando Plc delivered a materially improved financial performance through Q3 and the first nine months of 2025, supported by operational recovery in the upstream business, strengthened asset integration following the NAOC acquisition, and a meaningful shift in business mix toward production and export-led growth. The Group continued to navigate a structurally shifting energy landscape marked by the rise of domestic refining capacity, notably from the Dangote Refinery, which reshaped fuel import dynamics and pressured trading revenue.
ETERNA
₦35.50
Eterna
7D
-11.3%
1Y
29.1%

Eterna Plc Q2/H1 Result– Strategic Turnaround Driving Renewed Growth

Eterna Plc Calls for Targeted LPG Investment to Accelerate Clean Energy Transition Overview At the 2025 NAEC Energy Conference themed “Nigeria’s Energy Future: Exploring Opportunities and Addressing Risks for Sustainable Growth,” the Managing Director of Eterna Plc, Mr. Olumide Adeosun, called for targeted investments in the liquefied petroleum gas (LPG) value chain to expand access and accelerate the adoption of clean cooking across Nigeria. While compressed natural gas (CNG) has gained significant government and private sector attention as a cleaner fuel alternative for transportation, Adeosun cautioned that LPG adoption has stagnated, undermining Nigeria’s energy transition and public health goals.
ARADEL
₦717.50
Aradel Holdings
7D
-10.3%
1Y
78.9%

ARADEL HOLDINGS PLC Q3 Result  – Record Profit Surge Driven by Strong Upstream and Refining Output Despite Cost Pressures

ARADEL HOLDINGS PLC – Robust 9M 2025 Performance as Earnings and Shareholder Returns Strengthen; Interim Dividend Raised to ₦10.00 Aradel Holdings Plc delivered another strong operational and financial performance in 9M 2025, demonstrating resilience across its integrated energy portfolio and reinforcing shareholder value creation through a higher interim dividend. The Group sustained stable production growth across crude oil, gas, and refined products, supported by enhanced infrastructure reliability, improved operational efficiency, and increased contributions from associate companies.
JAPAULGOLD
₦2.16
Japaul Gold & Ventures
7D
-9.6%
1Y
-2.3%
CAVERTON
₦5.05
Caverton Offshore Support Group
7D
-21.1%
1Y
164.4%