The financial health of Nigeria’s downstream oil sector is coming under fresh scrutiny. Despite robust revenue growth across leading players, weak profit margins, rising debt levels, and declining liquidity suggest that the sector is facing sustained financial pressure—even if it’s not always headline-grabbing.
Growth without margin: An industry-wide concern
While firms like MRS Oil Nigeria Plc and Conoil Plc posted impressive top-line numbers in 2024—N312 billion and N323 billion respectively—profit margins across the bo
