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Nigerian (NSE) Oil and Gas Industry Analysis

UpdatedJul 10, 2026
DataAggregated Company Financials
Companies4
  • 7D20.0%
  • 3M19.5%
  • 1Y156.4%
  • YTD102.3%

The Oil and Gas is pretty flat in the last 7 days, but Aradel Holdings has stood out, gaining 21%. The past year has been better, since the industry has gained 137% in that time.

Industry Valuation and Performance

Has the Nigerian Oil and Gas Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 10 Jul 2026₦7.2t₦2.6t₦783.6b17.4x9.1x2.8x
Sun, 07 Jun 2026₦8.0t₦2.0t₦391.0b19.1x20.5x3.9x
Tue, 05 May 2026₦9.2t₦2.1t₦389.0b21.8x23.6x4.4x
Thu, 02 Apr 2026₦5.9t₦2.1t₦385.0b19.9x15.3x2.8x
Sat, 28 Feb 2026₦5.1t₦2.1t₦385.0b18.8x13.2x2.5x
Mon, 26 Jan 2026₦3.8t₦2.1t₦376.0b16.5x10x1.8x
Wed, 24 Dec 2025₦3.3t₦2.1t₦376.0b16x8.9x1.6x
Fri, 21 Nov 2025₦3.4t₦2.1t₦376.0b19.1x9.1x1.6x
Sun, 19 Oct 2025₦3.2t₦2.1t₦304.0b31.4x10.4x1.5x
Tue, 16 Sep 2025₦2.8t₦2.2t₦309.8b30.7x8.9x1.3x
Thu, 14 Aug 2025₦2.7t₦2.6t₦322.0b8.2x8.5x1x
Sat, 12 Jul 2025₦2.8t₦2.8t₦302.4b8.8x9.3x1x
Mon, 09 Jun 2025₦2.9t₦2.8t₦309.1b9.2x9.4x1x
Wed, 07 May 2025₦2.9t₦2.8t₦311.0b8.6x9.2x1x
Fri, 04 Apr 2025₦2.7t₦2.6t₦306.8b9.2x8.9x1.1x
Sun, 02 Mar 2025₦2.9t₦2.6t₦295.6b9.7x9.8x1.1x
Tue, 28 Jan 2025₦2.9t₦2.1t₦193.0b12.7x15.1x1.4x
Thu, 26 Dec 2024₦3.2t₦2.1t₦193.0b14.5x16.5x1.5x
Sat, 23 Nov 2024₦2.7t₦2.1t₦193.0b11.2x14.2x1.3x
Mon, 21 Oct 2024₦3.1t₦1.5t₦42.0b9.3x74.1x2.1x
Wed, 18 Sep 2024₦391.4b₦1.5t₦42.0b9.3x9.3x0.3x
Fri, 16 Aug 2024₦319.8b₦1.5t₦42.0b7.6x7.6x0.2x
Sun, 14 Jul 2024₦273.1b₦1.3t₦35.8b8.7x7.6x0.2x
Tue, 11 Jun 2024₦228.9b₦1.2t₦34.4b7.6x6.6x0.2x
Thu, 09 May 2024₦224.2b₦1.1t₦27.1b8.5x8.3x0.2x
Sat, 06 Apr 2024₦369.4b₦1.0t₦27.4b9.1x13.5x0.4x
Mon, 04 Mar 2024₦370.0b₦1.0t₦27.5b9.1x13.5x0.4x
Wed, 31 Jan 2024₦470.2b₦1.3t₦13.3b9.5x35.4x0.3x
Fri, 29 Dec 2023₦398.7b₦1.3t₦14.8b9.1x26.9x0.3x
Sun, 26 Nov 2023₦416.4b₦1.3t₦14.8b9.3x28.1x0.3x
Tue, 24 Oct 2023₦380.7b₦1.2t₦13.7b9x27.8x0.3x
Thu, 21 Sep 2023₦433.1b₦1.2t₦13.7b9x31.6x0.4x
Sat, 19 Aug 2023₦362.3b₦1.2t₦13.7b9x26.5x0.3x
Mon, 17 Jul 2023₦362.7b₦1.1t₦17.9b10.5x20.2x0.3x
Price to Earnings Ratio

20.2x


Total Market Cap: ₦362.7bTotal Earnings: ₦17.9bTotal Revenue: ₦1.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Oil and Gas Industry Price to Earnings3Y Average 15x202420252026
Current Industry PE
  • Investors are pessimistic on the Nigerian Oil and Gas 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 8.5x which is lower than its 3-year average PE of 15.0x.
  • The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have grown 252% per year over the last three years.
  • Revenues for these companies have grown 31% 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 industry?

NG Market7.41%
Energy19.86%
Oil and Gas19.95%
Oil and Gas Refining and Marketing0.10%
Oil and Gas Exploration and Production0%0
Oil and Gas Storage and Transportation0%0
Industry PE
    Forecasted GrowthThere is insufficient data on the sub-industries of this industry.

    Top Stock Gainers and Losers

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

    CompanyLast Price7D1YValuation
    		ARADEL Aradel Holdings₦1.55k21.5%
    +₦1.2t    		192.7%PE8.6x
    		OANDO Oando₦38.002.3%
    +₦8.8b    		-29.9%PE1.9x
    		ETERNA Eterna₦28.800.7%
    +₦437.2m    		-29.8%PE17.4x

    Latest News

    OANDO
    ₦38.00
    Oando
    7D
    2.3%
    1Y
    -29.9%
    Narrative Update • Jul 06

    Reports Resilient FY 2025 Earnings Amid Revenue Decline, Debt Restructuring and Improved Asset Quality

    Revaluation based on Audited FY2025 Analyst: Qudus Adebara (Research Analyst, DLM Securities) Executive Summary Oando Plc delivered a resilient financial performance for the year ended December 31, 2025, despite a challenging operating environment characterized by lower trading revenues, elevated financing costs, and a negative shareholders' equity position. Group revenue declined by 22.2% to ₦3.18 trillion from ₦4.09 trillion in FY 2024, reflecting lower trading activity and changes in the Group's revenue mix.
    ARADEL
    ₦1,549.80
    Aradel Holdings
    7D
    21.5%
    1Y
    192.7%
    ETERNA
    ₦28.80
    Eterna
    7D
    0.7%
    1Y
    -29.8%
    Narrative Update • Jun 04

    Eterna Plc Intensifies Retail Expansion and Business Diversification Strategy

    Author: Qudus Adebara(Research Analyst, DLM securities) Eterna Plc has reaffirmed its commitment to expanding its downstream footprint and diversifying its operations following resolutions reached at its 33rd Annual General Meeting (AGM), positioning the company for long-term growth within Nigeria’s evolving energy sector. As part of its medium-term strategy, the company plans to significantly strengthen its retail and operational infrastructure through targeted investments across its fuel retail network, aviation operations, lubricants business, and Liquefied Petroleum Gas (LPG) segment.