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Nigerian (NSE) Energy Sector Analysis

UpdatedNov 24, 2025

DataAggregated Company Financials

Companies5

7D-1.3%
3M28.2%
1Y25.6%
YTD8.1%

Over the last 7 days, the Energy industry has dropped 1.3%, driven by Aradel Holdings declining 1.4%. This takes the industry's 12 month performance to a gain of 26%. As for the next few years, earnings are expected to grow by 66% per annum.

Sector Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 29 Nov 2025	₦3.4t	₦2.2t	₦377.6b	18.7x	9.1x	1.6x
Mon, 27 Oct 2025	₦3.9t	₦2.1t	₦303.9b	21x	12.7x	1.8x
Wed, 24 Sep 2025	₦2.9t	₦2.2t	₦309.5b	23.3x	9.3x	1.3x
Fri, 22 Aug 2025	₦2.8t	₦2.7t	₦324.9b	15.6x	8.5x	1x
Sun, 20 Jul 2025	₦2.8t	₦2.8t	₦304.1b	12.1x	9.3x	1x
Tue, 17 Jun 2025	₦2.7t	₦2.8t	₦310.8b	11.7x	8.7x	1x
Thu, 15 May 2025	₦2.8t	₦2.8t	₦312.7b	11.9x	8.9x	1x
Sat, 12 Apr 2025	₦2.8t	₦2.6t	₦308.3b	11.1x	9x	1.1x
Mon, 10 Mar 2025	₦2.9t	₦2.6t	₦297.5b	11.6x	9.9x	1.1x
Wed, 05 Feb 2025	₦3.1t	₦2.6t	₦297.5b	10.6x	10.4x	1.2x
Fri, 03 Jan 2025	₦3.2t	₦2.1t	₦192.2b	14.5x	16.7x	1.5x
Sun, 01 Dec 2024	₦2.7t	₦2.1t	₦192.2b	11.7x	14.3x	1.3x
Tue, 29 Oct 2024	₦3.0t	₦1.9t	₦185.8b	9.9x	16.3x	1.6x
Thu, 26 Sep 2024	₦391.4b	₦1.5t	₦42.0b	9.3x	9.3x	0.3x
Sat, 24 Aug 2024	₦337.1b	₦1.5t	₦42.0b	7.7x	8x	0.2x
Mon, 22 Jul 2024	₦273.1b	₦1.3t	₦35.8b	8.7x	7.6x	0.2x
Wed, 19 Jun 2024	₦257.0b	₦1.2t	₦34.8b	8.9x	7.4x	0.2x
Fri, 17 May 2024	₦228.0b	₦1.2t	₦34.8b	8.6x	6.6x	0.2x
Sun, 14 Apr 2024	₦403.1b	₦1.1t	₦27.6b	11.4x	14.6x	0.4x
Tue, 12 Mar 2024	₦388.7b	₦1.1t	₦28.5b	9.5x	13.7x	0.4x
Thu, 08 Feb 2024	₦425.2b	₦1.1t	₦28.5b	9.1x	14.9x	0.4x
Sat, 06 Jan 2024	₦448.8b	₦1.3t	₦10.2b	9.9x	43.9x	0.3x
Mon, 04 Dec 2023	₦432.1b	₦1.3t	₦10.2b	9.5x	42.3x	0.3x
Wed, 01 Nov 2023	₦388.5b	₦1.3t	₦8.2b	9.3x	47.6x	0.3x
Fri, 29 Sep 2023	₦397.0b	₦1.2t	₦9.8b	8x	40.5x	0.3x
Sun, 27 Aug 2023	₦360.7b	₦1.2t	₦9.8b	8x	36.8x	0.3x
Tue, 25 Jul 2023	₦377.8b	₦1.2t	₦14.0b	10.2x	27.1x	0.3x
Thu, 22 Jun 2023	₦248.4b	₦1.2t	₦12.8b	9x	19.4x	0.2x
Sat, 20 May 2023	₦166.6b	₦1.2t	₦16.8b	7.3x	9.9x	0.1x
Mon, 17 Apr 2023	₦217.0b	₦1.1t	₦15.6b	6.7x	13.9x	0.2x
Wed, 15 Mar 2023	₦201.0b	₦1.1t	₦16.7b	5.7x	12x	0.2x
Fri, 10 Feb 2023	₦189.0b	₦1.1t	₦16.7b	5x	11.3x	0.2x
Sun, 08 Jan 2023	₦178.2b	₦1.0t	₦7.0b	4.6x	25.5x	0.2x
Tue, 06 Dec 2022	₦171.5b	₦1.0t	₦7.0b	4.6x	24.5x	0.2x

Price to Earnings Ratio

24.5x

Tue, 06 Dec 2022

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 9.1x which is lower than its 3-year average PE of 17.8x.

The 3-year average PS ratio of 0.63x 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 278% 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	-0.79%
Energy	-1.34%
Oil and Gas	-1.33%
Energy Services	-2.30%

Industry PE

Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 11.5x.

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 14.5x.

Forecasted Growth

Analysts are most optimistic on the Oil and Gas industry, expecting annual earnings growth of 66% 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 66% per year over the next few years.

Top Stock Gainers and Losers

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

	Company	Last Price	7D	1Y	Valuation
	JAPAULGOLD Japaul Gold & Ventures	₦2.20	4.8% +₦1.4b	-0.5%	PE19.6x

Latest News

Conoil Producing Limited – Strategic Acquisition Update (Acquisition of TotalEnergies’ 40% Participating Interest in OML 136)

Nov 27Author : Qudus Adebara (Founder of Wane Investment House) Transaction Overview Conoil Producing Limited (“Conoil” or “the Company”) has executed a strategic upstream expansion move by acquiring the 40% participating interest previously held by TotalEnergies EP Nigeria in Oil Mining Lease (OML) 136 , an offshore Nigerian asset with material long-term gas development potential. The transaction is part of a broader asset realignment agreement between the two long-term partners.

CAVERTON

₦5.15

Caverton Offshore Support Group

-6.4%

171.1%

Caverton Offshore Support Group Plc – Strategic Initiatives Driving Future Growth

Nov 19Researcher/ Analyst: Adebara Qudus (Founder of Wane Investment House) Caverton Offshore Support Group Plc continues to implement strategic initiatives designed to diversify revenue streams, enhance operational efficiency, and strengthen long-term shareholder value, positioning the Group for sustainable growth. Key initiatives include: 1.

OANDO PLC – Dangote Refinery Reshapes Market Dynamics as Oando Pauses Petrol Imports and Refocuses on Crude, Gas, and LNG Trading

Nov 11Executive Summary Oando Plc navigated a turbulent downstream landscape in the first nine months of 2025 as Nigeria’s refining transformation—driven by the Dangote Refinery’s full-scale operations—reshaped the domestic fuel market. The Group recorded a 20% YoY revenue decline to ₦2.5 trillion (9M 2024: ₦3.2 trillion), primarily due to the suspension of Premium Motor Spirit (PMS) imports amid a structural shift in local fuel supply.

JAPAULGOLD

₦2.20

Japaul Gold & Ventures

4.8%

-0.5%