Nigerian Exchange Traded Funds (ETFs) on the Nigerian Exchange (NGX) suffered significant losses in February 2026, even as overall market activity surged, according to data from Nairametrics Research.
Total trading value for ETFs jumped from ₦1.51 billion in January to ₦2.94 billion in February, while trading volume more than doubled from 6.3 million units to 18.6 million units. Despite this activity, most ETFs recorded declines ranging from 7% to 48%, highlighting persistent market pressure.
Among the hardest-hit were:
Meristem Growth ETF: down 48.20% to ₦650 (market cap ₦8.7 billion)
Stanbic IBTC ETF 30: down 40.12% to ₦1,956.42 (market cap ₦11.2 billion)
SIAML Pension ETF 40: down 33.13% to ₦5,014.96 (market cap ₦32.3 billion)
Vetiva S&P Nigeria Sovereign Bond ETF: down 33.37% to ₦400 (market cap ₦1.41 billion)
Greenwich Alpha ETF: down 32.07% to ₦600 (market cap ₦3.45 billion)
Other ETFs, including NewGold, Vetiva Industrial, and Meristem Value ETF 40, also recorded declines, reflecting broader weakness across diversified indices.
However, a few sector-focused funds bucked the trend, delivering gains:
Vetiva Consumer Goods ETF: up 15.88% to ₦65.61 (market cap ₦243.08 million)
Vetiva Banking ETF: up 15.35% to ₦31.19 (market cap ₦1.99 billion)
Lotus Halal Equity ETF: up 9.02% to ₦145.10 (market cap ₦4.85 billion)
Vetiva Griffin 30 ETF: up 1.10% to ₦73.80 (market cap ₦10.54 billion)
Analysts noted that while diversified ETFs struggled, those concentrated in banking and consumer sectors still produced positive returns, highlighting the benefits of sector-specific investment strategies amid broader market declines.
January had painted a contrasting picture, with ETFs enjoying volatile but strong gains ranging from 35% to 322% month-to-date. Sector-focused funds such as Vetiva Griffin 30 and NewGold outperformed during that period, indicating investor preference for specialized sectors over broad-market exposure.
The February results serve as a reminder that ETF performance can diverge sharply depending on underlying assets and sector focus, even when overall market activity increases.
