Nigeria’s oil and gas index has become the standout trade on the Nigerian Exchange this year, rising 111.86% year-to-date as stronger earnings, firmer crude prices and big stock-specific catalysts draw investors back into the sector.
Nigeria oil and gas index up 111.86% YTD
The rally matters because energy companies carry enough weight to move the broader market, and their surge has helped keep the NGX All-Share Index up 58.72% despite profit-taking in other corners of the market. It also marks a sharp turnaround from 2025, when the sector finished as the worst performer among major indices with a 1.33% decline.
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The oil and gas gauge has outpaced industrial goods, which is up 82.2%, and banking, which has gained 73.84%. Consumer stocks have barely budged, while insurance remains in negative territory, underscoring how concentrated the market’s gains have been in energy and a handful of heavyweight names.
Higher crude prices have been a major tailwind, supported in part by geopolitical tension in the Middle East, while investors are also pricing in better operating conditions, improved foreign-exchange stability and higher local production. Those factors have sharpened expectations for earnings across the sector and made oil stocks more attractive relative to the rest of the market.
Seplat has been one of the main drivers. The stock closed at N5,809, up 133% year-to-date, after posting first-half profit after tax of N225.5 billion, up from N42.5 billion a year earlier, while revenue climbed to N2.5 trillion from N2.1 trillion. Market sentiment around the company also improved after Tony Elumelu acquired a 20% stake and became chairman, a move that boosted investor attention.
Aradel Holdings has played a similar role, rising 122% this year to N1,450 after its stake acquisition in ND Western. Traders have been betting that the transaction will support long-term financial performance, and its large weighting has amplified the move at the index level.
Other names have added to the momentum. Eterna reported first-half PAT of N5.88 billion, up 924.8% from N573.81 million, while Conoil’s profit jumped 471.9% to N5.15 billion. Oando also posted a modest 8.9% rise in PAT to N68.6 billion, with revenue increasing to N2.1 trillion from N1.7 trillion.
The rally has been reinforced by a better operating backdrop in Nigeria, including tighter security in oil-producing states that has reduced theft and supported output. That combination has revived confidence in the sector after last year’s weak showing, and it is also helping attract new capital.
Investor focus now turns to whether crude can stay elevated and whether the earnings recovery can extend through the second half, especially as the government continues to court fresh energy investment and companies look to convert higher prices into cash flow.
| Entity | Gains | Losses |
|---|---|---|
| Seplat | ▲133% YTD share gain | ▼Value investors underweight energy |
| Aradel Holdings | ▲122% YTD share gain | ▼Short sellers in oil stocks |
| Oil & gas index | ▲111.86% YTD return | ▼Last year’s sector laggards |
| NGX consumer and insurance stocks | ▲Relative underperformance avoided | ▼Broader-market participation |
