Unprecedented Market Triumph: Oil & Gas Sector Skyrockets 160.01% In 2024

Unprecedented Market Triumph: Oil & Gas Sector Skyrockets 160.01% In 2024

In a remarkable year for the Nigerian stock market, the oil and gas sector emerged as the top performer, posting a 160.01% increase as of the 2024 financial year’s close. This impressive performance comes on the back of federal government…Unprecedented Market Triumph: Oil & Gas Sector Skyrockets 160.01% In 2024

reforms aimed at driving growth, transparency, and investment in the sector.

Companies within the NGX Oil & Gas Index have showcased significant gains. Seplat Energy led the charge, closing at N5,700 per share—an astounding 147% increase from the previous year’s N2,310. Conoil’s stock surged by 387.2%, ending the year at N387.20 per share, while TotalEnergies posted an 81.3% YtD growth, closing at N698 per share.

The sector’s robust performance is attributed to key reforms like the Petroleum Industry Act (PIA), deregulation of the downstream sector, and enhanced gas infrastructure. These initiatives have not only boosted operational efficiencies but also increased local participation and supported a shift towards cleaner energy practices.

Analysts have hailed these gains as a testament to the sector’s resilience and strategic advancements, with higher margins on crude oil products driving increased revenue and profits across major players. Seplat Energy alone reported a N366.7 billion profit before tax for the nine months ending September 30, 2024—an impressive 483.4% increase from the previous year.

As the Nigerian Exchange looks ahead to 2025, the oil and gas sector’s stellar performance continues to spark optimism and solidify its position as a key driver of market growth.

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