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Nigerian (NSE) Oil and Gas Industry Analysis

UpdatedJan 12, 2026
DataAggregated Company Financials
Companies4
  • 7D-5.7%
  • 3M12.1%
  • 1Y13.0%
  • YTD0.3%

Over the last 7 days, the Oil and Gas industry has dropped 5.7%, driven by a pullback from Aradel Holdings of 2.7%. On the other hand Eterna is actually up 17%. This takes the industry's 12 month performance to a gain of 13%. As for the next few years, earnings are expected to grow by 66% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 13 Jan 2026₦3.5t₦2.1t₦376.0b19x9.4x1.6x
Thu, 11 Dec 2025₦3.3t₦2.1t₦376.0b17.5x8.9x1.6x
Sat, 08 Nov 2025₦3.5t₦2.1t₦376.8b19.2x9.3x1.6x
Mon, 06 Oct 2025₦3.2t₦2.1t₦304.6b31.5x10.6x1.5x
Wed, 03 Sep 2025₦2.6t₦2.2t₦317.7b30.3x8.3x1.2x
Fri, 01 Aug 2025₦2.8t₦2.7t₦317.0b8.5x8.9x1x
Sun, 29 Jun 2025₦2.7t₦2.8t₦302.4b9.2x9.1x1x
Tue, 27 May 2025₦2.8t₦2.8t₦309.1b9.2x9x1x
Thu, 24 Apr 2025₦2.7t₦2.6t₦306.5b8.7x8.9x1.1x
Sat, 22 Mar 2025₦2.8t₦2.6t₦295.6b9.2x9.5x1.1x
Mon, 17 Feb 2025₦2.9t₦2.6t₦295.6b9.5x9.9x1.1x
Wed, 15 Jan 2025₦3.2t₦2.1t₦193.0b14x16.4x1.5x
Fri, 13 Dec 2024₦2.7t₦2.1t₦193.0b11.4x14.1x1.3x
Sun, 10 Nov 2024₦2.6t₦2.1t₦192.1b11.2x13.3x1.2x
Tue, 08 Oct 2024₦391.4b₦1.5t₦42.0b9.3x9.3x0.3x
Thu, 05 Sep 2024₦381.7b₦1.5t₦42.0b9.3x9.1x0.3x
Sat, 03 Aug 2024₦278.0b₦1.5t₦42.0b7.6x6.6x0.2x
Mon, 01 Jul 2024₦251.8b₦1.2t₦34.4b7.6x7.3x0.2x
Wed, 29 May 2024₦228.9b₦1.2t₦34.4b7.6x6.6x0.2x
Fri, 26 Apr 2024₦335.4b₦1.0t₦26.6b8.5x12.6x0.3x
Sun, 24 Mar 2024₦380.6b₦1.0t₦27.5b9.1x13.9x0.4x
Tue, 20 Feb 2024₦390.7b₦1.0t₦27.5b9.1x14.2x0.4x
Thu, 18 Jan 2024₦425.0b₦1.3t₦14.8b9x28.7x0.3x
Sat, 16 Dec 2023₦394.7b₦1.3t₦14.8b9.1x26.7x0.3x
Mon, 13 Nov 2023₦390.7b₦1.3t₦14.8b9.3x26.4x0.3x
Wed, 11 Oct 2023₦391.5b₦1.2t₦13.7b9x28.6x0.3x
Fri, 08 Sep 2023₦370.0b₦1.2t₦13.7b9x27x0.3x
Sun, 06 Aug 2023₦361.3b₦1.2t₦13.7b9x26.4x0.3x
Tue, 04 Jul 2023₦327.7b₦1.1t₦17.9b9.9x18.3x0.3x
Thu, 01 Jun 2023₦183.8b₦1.1t₦19.2b5.8x9.6x0.2x
Sat, 29 Apr 2023₦144.4b₦1.1t₦15.4b7.3x9.4x0.1x
Mon, 27 Mar 2023₦197.0b₦1.1t₦16.6b5x11.9x0.2x
Wed, 22 Feb 2023₦191.1b₦1.1t₦16.6b5x11.5x0.2x
Fri, 20 Jan 2023₦182.1b₦1.0t₦12.2b5.1x14.9x0.2x
Price to Earnings Ratio

14.9x


Total Market Cap: ₦182.1bTotal Earnings: ₦12.2bTotal Revenue: ₦1.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Nigerian Oil and Gas Industry Price to Earnings3Y Average 14.3x202420252026
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 9.4x which is lower than its 3-year average PE of 14.3x.
  • The 3-year average PS ratio of 0.68x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Oil and Gas industry have grown 214% per year over the last three years.
  • Revenues for these companies have grown 29% 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 Market2.26%
Energy-5.66%
Oil and Gas-5.74%
Oil and Gas Exploration and Production0%0
Oil and Gas Storage and Transportation0%0
Oil and Gas Refining and Marketing-1.58%
Industry PE
    Forecasted Growth
    • Analysts are most optimistic on the Oil and Gas Refining and Marketing industry, expecting annual earnings growth of 66% over the next 5 years.
    • In contrast, the Oil and Gas Refining and Marketing 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?

    CompanyLast Price7D1YValuation
    		ETERNA Eterna₦35.0016.7%
    +₦6.5b    		31.1%PE29.9x

    Latest News

    CONOIL
    ₦169.00
    Conoil
    7D
    -9.7%
    1Y
    -56.4%
    ETERNA
    ₦35.00
    Eterna
    7D
    16.7%
    1Y
    31.1%
    ARADEL
    ₦751.00
    Aradel Holdings
    7D
    -2.7%
    1Y
    25.6%
    OANDO
    ₦40.00
    Oando
    7D
    -9.5%
    1Y
    -26.7%

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

    Executive 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.