The Nigerian Oil and Gas sector has surged more than 5% in early October, putting it within reach of breaking through the 2,700-point resistance level.
Tracked by the NGX Oil/Gas Index, the sector opened the month at 2,523.1 points and climbed to 2,664.0 points as of October 8, 2025, sustained by Aradel, Seplat, and Eterna.
This marks a steady recovery from a prolonged downtrend that began after the index hit a high of 2,712 points in December 2024.
Following that peak, the sector endured a 9.34% slide through the first quarter of 2025.
Although a 4.7% rebound in June helped trim losses, the index still closed the second quarter slightly lower, down 0.86% overall.
After months of red movement, the tide began to turn in the third quarter as investors started to go bullish.
Renewed buying interest and stronger price action across select oil and gas stocks lifted the sector 3.51% in Q3, with October already off to a bright, bullish start.
Aradel held the Nigerian Oil and Gas sector steady in a quarter when most stocks in the industry were in the red.
The company shares delivered a strong third-quarter performance of 19.53%, climbing from N514.5 at the start of the quarter to close at N615, with a market volume of 195.7 million shares exchanged.
An early October uptick driven by Aradel, Eterna, and Seplat has lifted the NGX Oil and Gas Index, continuing the sector’s gradual recovery.
Aradel has added about 2.41% in October, maintaining its position above N600.
Between January and July 2025, Nigeria’s daily crude oil output rose to between 1.7 million and 1.83 million barrels per day, while the number of active drilling rigs increased from 31 to 50 by July, according to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the Africa Energy Week in Cape Town.