Nigerian (NSE) Energy Sector Analysis

UpdatedJan 13, 2026

DataAggregated Company Financials

Companies5

7D-2.6%
3M15.5%
1Y16.6%
YTD3.7%

Over the last 7 days, the Energy industry has dropped 2.6%, driven by Aradel Holdings declining 2.7%. In contrast, Eterna has gained 17%. Over the past 12 months, the industry was up 17%. Looking forward, earnings are forecast to grow by 66% annually.

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
Tue, 13 Jan 2026	₦3.7t	₦2.2t	₦377.6b	21.9x	9.7x	1.7x
Thu, 11 Dec 2025	₦3.4t	₦2.2t	₦377.6b	22.6x	9x	1.6x
Sat, 08 Nov 2025	₦3.5t	₦2.2t	₦378.4b	18.6x	9.4x	1.6x
Mon, 06 Oct 2025	₦3.3t	₦2.2t	₦306.3b	21.4x	10.7x	1.5x
Wed, 03 Sep 2025	₦2.7t	₦2.2t	₦319.4b	21x	8.4x	1.2x
Fri, 01 Aug 2025	₦2.8t	₦2.7t	₦318.7b	15.7x	8.9x	1x
Sun, 29 Jun 2025	₦2.8t	₦2.8t	₦304.1b	12.1x	9.1x	1x
Tue, 27 May 2025	₦2.8t	₦2.8t	₦310.8b	12.1x	9x	1x
Thu, 24 Apr 2025	₦2.8t	₦2.6t	₦308.2b	11x	8.9x	1.1x
Sat, 22 Mar 2025	₦2.8t	₦2.6t	₦297.5b	12.3x	9.6x	1.1x
Mon, 17 Feb 2025	₦2.9t	₦2.6t	₦297.5b	13x	9.9x	1.1x
Wed, 15 Jan 2025	₦3.2t	₦2.1t	₦192.2b	14x	16.6x	1.5x
Fri, 13 Dec 2024	₦2.7t	₦2.1t	₦192.2b	11.4x	14.3x	1.3x
Sun, 10 Nov 2024	₦2.6t	₦2.1t	₦191.4b	11.2x	13.5x	1.2x
Tue, 08 Oct 2024	₦391.4b	₦1.5t	₦42.0b	9.3x	9.3x	0.3x
Thu, 05 Sep 2024	₦381.7b	₦1.5t	₦42.0b	9.3x	9.1x	0.3x
Sat, 03 Aug 2024	₦278.0b	₦1.5t	₦42.0b	7.6x	6.6x	0.2x
Mon, 01 Jul 2024	₦251.8b	₦1.2t	₦34.4b	7.6x	7.3x	0.2x
Wed, 29 May 2024	₦233.1b	₦1.2t	₦34.8b	8.9x	6.7x	0.2x
Fri, 26 Apr 2024	₦340.3b	₦1.1t	₦26.9b	9.9x	12.7x	0.3x
Sun, 24 Mar 2024	₦399.9b	₦1.1t	₦28.5b	9.5x	14.1x	0.4x
Tue, 20 Feb 2024	₦413.9b	₦1.1t	₦28.5b	9.5x	14.5x	0.4x
Thu, 18 Jan 2024	₦447.6b	₦1.3t	₦10.2b	9.9x	43.8x	0.3x
Sat, 16 Dec 2023	₦410.2b	₦1.3t	₦10.2b	9.1x	40.2x	0.3x
Mon, 13 Nov 2023	₦407.5b	₦1.3t	₦10.2b	9.5x	40x	0.3x
Wed, 11 Oct 2023	₦402.6b	₦1.2t	₦9.8b	8x	41.1x	0.3x
Fri, 08 Sep 2023	₦379.8b	₦1.2t	₦9.8b	8x	38.8x	0.3x
Sun, 06 Aug 2023	₦371.9b	₦1.2t	₦9.8b	8.1x	38x	0.3x
Tue, 04 Jul 2023	₦332.4b	₦1.2t	₦12.8b	9.9x	26x	0.3x
Thu, 01 Jun 2023	₦188.1b	₦1.2t	₦19.3b	7.8x	9.8x	0.2x
Sat, 29 Apr 2023	₦148.0b	₦1.1t	₦15.5b	7.4x	9.5x	0.1x
Mon, 27 Mar 2023	₦200.3b	₦1.1t	₦16.7b	5.7x	12x	0.2x
Wed, 22 Feb 2023	₦194.3b	₦1.1t	₦16.7b	5.4x	11.6x	0.2x
Fri, 20 Jan 2023	₦185.6b	₦1.0t	₦7.0b	5.1x	26.6x	0.2x

Price to Earnings Ratio

26.6x

Fri, 20 Jan 2023

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 9.7x which is lower than its 3-year average PE of 17.2x.

The 3-year average PS ratio of 0.69x is lower than the industry's current PS ratio of 1.7x.

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	2.61%
Energy	-2.60%
Oil and Gas	-2.60%
Energy Services	-2.77%

Industry PE

Investors are most optimistic about the Energy Services industry which is trading above its 3-year average PE ratio of 12.4x.

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 14.3x.

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.