The timeliness of financial reporting is a critical aspect of corporate transparency and accountability, particularly in emerging markets like Nigeria where institutional frameworks may be weak. This study examined the effect of systematic risk and financial performance of quoted oil and gas firms in Nigeria. The specific objectives of the study are to evaluate the effect of exchange rate risk and political risk on financial performance of quoted oil and gas firms in Nigeria. Ex-Post Facto research design adopted by the study and the population constitutes ten (10) oil and gas firms quoted on the Nigerian Exchange Group (NGX) as at 31st December 2024 while a census techniques was adopted as sample size as the whole population is being studied. Secondary data were extracted from the audited annual reports of the sampled firms from 2015-2024. The study used random effect regression as the techniques of analysis using STATA 17.0 software. The findings revealed that exchange rate risk has an insignificant negative effect on return on asset of quoted oil and gas firms in Nigeria. While political risk has a significant positive effect on return on asset of quoted oil and gas firms in Nigeria. The study recommended that firms should diversify revenue sources and investment portfolios to reduce overdependence on crude oil price movements and other market-wide uncertainties. The study further recommended that Investors and corporate managers should continuously monitor systematic risk indicators and integrate them into financial decision-making processes.