How many total Oil & Gas Downstream companies are there in Nigeria?

As of July 2026, Nigeria has 106 active Oil & Gas Downstream companies.

How many Oil & Gas Downstream companies in Nigeria are funded?

As of July 2026, 12 companies have received funding in this sector.

What is the total funding raised by Oil & Gas Downstream companies in Nigeria?

Oil & Gas Downstream companies in Nigeria have collectively raised $1.59B in funding till date.

Which is the highest funded Oil & Gas Downstream company in Nigeria?

As of July 2026, Sahara Group has raised $65.2M in funding, highest among the funded Oil & Gas Downstream companies in Nigeria.

List of 114 Oil & Gas Downstream Startups in Nigeria & Market Trends (Jul 2026)

Q: Who are the top investors in Oil & Gas Downstream companies in Nigeria?

The top investors in Oil & Gas Downstream companies in Nigeria by number of investments are AA&R Investment Group and Africinvest.

The Oil & Gas Downstream sector in Nigeria comprises 114 companies, including 12 funded companies having collectively raised $1.59B in venture capital money and private equity. Out of these, 13 are Series A+ funded.

Oil & Gas Downstream sector in Nigeria has seen 6 acquisitions and 5 IPOs. This represents almost 9.6% of all such companies - which is higher than the 4.5% exit rate of tech companies in general.

This sector includes industrial machinery developers, heavy extraction infrastructure operators, or field engineering service providers supporting the exploration, extraction, processing, or distribution of Downstream resources.

Oil & Gas Downstream sector is also known as Industrial Oil & Gas Downstream, Energy Infrastructure Oil & Gas Downstream or Oil & Gas Downstream Equipment Sourcing.

Includes high-pressure extraction arrays, drilling telemetry systems, wellbore completion logging systems, on-site heavy tool rentals, and specialized downstream distribution equipment. Excludes independent manual labor crews without tech software layers, standard highway commodity trucking, retail gas stations, and generic alternative renewable tech.

Key Metrics

Total Companies

114

Top Companies

Sahara Group, Oando Plc & more

Total Funding

$1.59B

Funded Companies

Series A+ Companies

Series C+ Companies

IPOs

Acquisitions

Also known as

Industrial Oil & Gas Downstream or Energy Infrastructure Oil & Gas Downstream

View complete details of this sector

There are 114 Oil & Gas Downstream startups in Nigeria which include Sahara Group, Oando Plc, Eterna, OVH Energy, Conoil. Out of these, 12 startups are funded, with 13 having secured Series A+ funding.

2026 has seen the creation of 1 Oil & Gas Downstream startup in Nigeria. Over the past 10 years, an average of 4 new companies have been launched annually.

1. Sahara Group

Key facts about Sahara Group

Founded Year: 1996
Location: Lagos (Nigeria)
Stage: Late Stage
Total Funding till date: $65.2M
Tracxn Score: 59/100 What is this?
Competitors Rank: 61 of 5,403 Competitors

2. Oando Plc

Key facts about Oando Plc

Founded Year: 1956
Location: Lagos (Nigeria)
Stage: Public
Investors: ECP and Afreximbank
Latest Funding Round: Conventional Debt, Nov 15, 2023, $*****
Tracxn Score: 51/100 What is this?
Competitors Rank: 136 of 4,553 Competitors

View full list of companies in this sector

3. Eterna

Key facts about Eterna

Founded Year: 1989
Location: Lagos (Nigeria)
Stage: Acquired
Tracxn Score: 49/100 What is this?
Competitors Rank: 195 of 3,468 Competitors

4. OVH Energy

OVH Energy is a downstream company which markets and distributes refined petroleum products under Oando retail brand name in West Africa. Also, operates petroleum terminals in Nigeria, Ghana, and Togo.

Key facts about OVH Energy

Founded Year: 2014
Location: Lagos (Nigeria)
Stage: Acquired
Total Funding till date: $210M
Investors: Helios and Vitol
Latest Funding Round: PE, Jul 01, 2016, $*****
Tracxn Score: 43/100 What is this?
Competitors Rank: 147 of 2,653 Competitors

5. Conoil

Provider of refined petroleum products, lubricants, and aviation fuel. This company engages in the exploration and production of petroleum, as well as the manufacturing and marketing of refined petroleum products. Its offerings include a retail network for distribution, depot facilities for product storage and distribution, and specialized products for industrial customers. The company also produces and distributes liquefied petroleum gas (LPG) and a range of lubricant brands for automotive and industrial use. Aviation fuel services are provided through a network of fueling stations.

Key facts about Conoil

Founded Year: 2000
Location: Lagos (Nigeria)
Stage: Public
Tracxn Score: 43/100 What is this?
Competitors Rank: 155 of 2,653 Competitors

Access the full list of 114 Oil & Gas Downstream Startups in Nigeria

Companies founded year-on-year in the Oil & Gas Downstream sector in Nigeria

1 new startup has been founded so far in 2026 in the Oil & Gas Downstream sector in Nigeria. 9 Oil & Gas Downstream startups in Nigeria were founded in 2024 - this is the most number of startups founded in any year in the last 10 years.

Total Number of Companies

Year	No. of companies
2026	1
2025	3
2024	9
2023	3
2022	3
2021	1
2020	4
2019	5
2018	9
2017	6

Stage-wise distribution of Oil & Gas Downstream sector companies in Nigeria

Out of the total 114 Oil & Gas Downstream companies in Nigeria, 12 have secured funding. Among them, 13 have reached Series A or higher, and 13 to Series B or beyond.

Founded - 114

Funded - 12

Series A+ - 13

Series B+ - 13

Series C+ - 13

Company Stage	No. of companies
Founded	114
Funded	12
Series A+	13
Series B+	13
Series C+	13

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Recent Funding Rounds in Oil & Gas Downstream in Nigeria

In the year 2016, till July 2016, Oil & Gas Downstream companies in Nigeria have raised $210M in equity funding across 1 round.

Here are some recent, important funding rounds in Oil & Gas Downstream companies in Nigeria:

Company	Round Raised	Amount Raised	Funding Date	Investors
OVH Energy	PE	1012	Jul 01, 2016	Helios and 1 more

See a more detailed list of funding rounds

AA&R Investment Group is the top investor in Oil & Gas Downstream companies in Nigeria based on number of companies invested.

Here are some top investors in Oil & Gas Downstream companies in Nigeria:

Investor	Location	Top Portfolio Companies
AA&R Investment Group	Lagos (Nigeria)	Etihad Trading and Etihad Energy
Africinvest	Paris (France)	-
The Carlyle Group	Washington, DC (United States)	-
Helios	London (United Kingdom)	OVH Energy
British International Investment	London (United Kingdom)	Quest Oil Group

See a more detailed list of investors

In the year 2026, till January 2026, 1 acquisition happened in Oil & Gas Downstream sector in Nigeria.

Here are some recent, important acquisitions in Oil & Gas Downstream sector in Nigeria:

Company	Acquisition Type	Acquisition Date	Acquirers
Axxela Group	Business Acquisition	Jan 07, 2026	Bluecore Gas Infraco
OVH Energy	Business Acquisition	Oct 01, 2022	NNPC
Eterna	Business Acquisition	Nov 01, 2021	Preline
ENYO	Business Acquisition	Jun 14, 2021	Ardova
Ardova	Business Acquisition	2020