Key Facts
- —The country Nigeria is Africa’s most populous nation, with about 238 million people. Its economy, about US$291 billion in 2025 by World Bank data, is less than a tenth the size of Britain’s.
- —Why it matters Exchange-traded funds (ETFs) are baskets of shares, bonds or gold that trade on a stock exchange like a single share. They give Nigerian savers a cheap way to spread risk.
- —Why now Nine-month figures to 30 September came out on 2 October. Compiled by business site Nairametrics from Nigerian Exchange (NGX) data, they show a sharply reshuffled table.
- —What happened Nine of the 12 ETFs listed on the NGX, Nigeria’s main stock market, gained in 2026 to 30 September. Greenwich Alpha ETF led, up 97.63% in market price.
- —The numbers Trading reached ₦25.30 billion (about US$19 million) in nine months. Two Meristem funds lost more than 60%, and Stanbic IBTC ETF 30 shrank its first-half gain from 219.64% to 53.22%.
- —What it means for you Returns are in naira and based on market prices, not the value of what each fund holds. Thin trading means prices can swing far from that value.
- —Still open Whether prices hold after a strong run and the naira stays steady after September’s rate cut. Some fund asset values still lag their market prices.
Nigerian ETFs, the exchange-traded funds listed in Lagos, had a split first nine months of 2026. One nearly doubled in price, while two lost more than 60%.
Nigeria, Africa’s most populous country, runs one of the continent’s largest stock markets from Lagos, its commercial capital. Twelve exchange-traded funds (ETFs) trade there, each a single listed share that holds a basket of stocks, bonds or gold.
Nine of those 12 funds were up between the last trading day of 2025 and 30 September 2026. That is according to an analysis of Nigerian Exchange (NGX) data published on Friday, 2 October, by Lagos business site Nairametrics.
What the nine-month figures measure
The returns track the change in each fund’s market price only and exclude any payouts to investors, Nairametrics said. They are calculated in naira, Nigeria’s currency.
Prices on the NGX can drift far from a fund’s net asset value, the worth of what it actually holds. The reason is thin trading: few buyers and sellers meet each day.
This article converts naira at about ₦1,330 per US dollar, the market rate at the close on Friday, 2 October 2026.
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Greenwich Alpha nearly doubles
Greenwich Alpha ETF closed at ₦751 (about US$0.56) on 30 September, up from ₦380 (about US$0.29) at the start of the year. That is a gain of 97.63%, the best among the 12 funds.
Price data from the African Markets website also show ₦751 (about US$0.56) as the fund’s latest price on 2 October. The fund, run by Greenwich Asset Management, first listed in Lagos in 2019.
Its asset value has risen less than its price.
Fund tracker The Investor Side put its net asset value at ₦2.39 billion (about US$1.8 million) on 11 September. Its year-to-date yield then was 65.36%.
That gap suggests buyers have paid well above the value of the fund’s holdings. The asset figure also shows how small the fund is by international standards.
The rest of the table
Vetiva Griffin 30 ETF came second with 88.58%, closing at ₦101.85 (about US$0.08). Vetiva Industrial ETF rose 85.88% and Vetiva Banking ETF gained 84.00%.
Lotus Halal Equity ETF gained 62.10% and the gold-backed NewGold ETF 55.93%. Stanbic IBTC ETF 30 rose 53.22%, SIAML Pension ETF 40 33.42% and Vetiva Consumer Goods ETF 25.64%.
On the losing side, Meristem Growth ETF fell 69.41% and Meristem Value ETF 63.79%. The Vetiva S&P Nigeria Sovereign Bond ETF, which holds government debt, slipped 4.23%.
A third quarter that reshuffled the leaders
Stanbic IBTC ETF 30 led the first half with a 219.64% gain, closing June at ₦3,098 (about US$2.33). By 30 September it had fallen to ₦1,485 (about US$1.12), cutting its nine-month gain to 53.22%.
The sovereign bond fund went from a 15.01% first-half gain into a loss. At mid-year only the two Meristem funds were negative; by the end of September there were three.
Ten of the 12 funds were up at the end of June, Nairametrics had reported.
Most Nigerian ETFs are still ahead for the year. But the size of the gains and the order of the leaders changed sharply.
Trading picks up but stays small
Investors traded 153.05 million ETF units worth ₦25.30 billion (about US$19 million) over the nine months. That is 27.2% more units and 37.5% more value than the first-half totals.
Stanbic IBTC ETF 30 drew the most money, ₦7.18 billion (about US$5.4 million), on only 3.46 million units. Vetiva Banking ETF led by volume, with 61.63 million units traded.
NewGold was the least traded by volume, at 17,886 units. Those trades were still worth ₦2.06 billion (about US$1.5 million), because one unit costs about ₦92,000 (about US$69).
How the funds fit the wider market
The ETF results sit inside a broad rally on the Nigerian Exchange. Its All-Share Index, the main gauge of listed shares, ended September at 251,211.67 points, up 2.87% in the month.
Global index provider FTSE Russell restored Nigeria to its Frontier index on 21 September. The Central Bank of Nigeria cut its main interest rate the next day (see Nigeria stocks near record after rate cut).
Both moves can steer more money towards listed funds. For background on how the exchange is run and regulated, see how the Nigerian Exchange works.
What it means for foreign investors
All the returns are in naira. A dollar-based investor would also need to account for any change in the exchange rate since January.
Most Nigerian ETFs are tiny and thinly traded. A single large order can move the price sharply, and selling a big position may take days.
Market prices can also run well ahead of, or fall well behind, what a fund holds. Greenwich Alpha’s price gain beat its asset-value yield by more than 30 percentage points.
What to watch next
The fourth quarter will show whether the leaders keep their gains. Stanbic IBTC ETF 30 gave much of its gain back in the third.
For Nigerian ETFs, the naira matters too. A steady currency after the rate cut would make naira gains look better to foreign investors; a weaker one would erode them.
Frequently Asked Questions
Which Nigerian ETF performed best in the first nine months of 2026?
Greenwich Alpha ETF, up 97.63% in market price between the end of 2025 and 30 September 2026. That is according to a Nairametrics analysis of Nigerian Exchange trading data.
How many Nigerian exchange-traded funds lost money in 2026 so far?
Three of the 12 tracked funds. Meristem Growth ETF fell 69.41%, Meristem Value ETF fell 63.79% and the Vetiva S&P Nigeria Sovereign Bond ETF slipped 4.23%.
Why can an ETF’s price gain differ from its asset value?
Nigerian ETFs trade thinly, so their market price can drift far from the value of what they hold. Greenwich Alpha’s asset-value yield was 65.36% on 11 September, well below its price gain.
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