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The 12 ETFs Listed on the Nigerian Exchange — Which One Is Worth Buying in 2026?

May 26, 2026 NGX Pulse Team

There are exactly 12 Exchange Traded Funds (ETFs) listed on the Nigerian Exchange (NGX) right now. Not hundreds — twelve. That makes this one of the shortest shortlists in global investing.

But simple doesn’t mean easy. These 12 funds behave very differently from each other. Some track gold. Some track banks. One is Sharia-compliant. One trades at ₦150,000 per unit. Another trades at ₦57.

This post breaks all 12 down so you know exactly what you’re looking at — and which ones are actually worth considering for your portfolio in 2026.

New to ETFs entirely? Start with our beginner’s guide first: What Is an ETF? A Nigerian Investor’s Guide

Track live prices for all 12 ETFs → ngxpulse.ng/etfs

The State of the NGX ETF Market in 2026

Before we get into individual funds, a quick picture of where the market stands:

The total Net Asset Value (NAV) of all NGX ETFs reached ₦18.08 billion at the end of 2025, up 41.7% from ₦12.77 billion in 2024. The average annual yield across all ETFs in 2025 was approximately 48% — down slightly from 53% in 2024, but still an impressive headline figure.

Weekly trading value has been hovering between ₦815 million and ₦1.18 billion in May 2026, reflecting growing but still thin investor participation.

One critical caveat runs through this entire market: liquidity is thin across most funds. This means prices can swing dramatically on very low volumes — a handful of trades can push a fund up or down 20% in a week. Keep this in mind as you read the numbers below.

The 12 NGX ETFs Broken Down

🏆 1. Vetiva Griffin 30 ETF (VG30)

Manager: Vetiva Fund Managers
What it tracks: NGX 30 Index — the 30 most liquid, highest-market-cap companies on the exchange
NAV share: ~43% of total NGX ETF market — by far the largest
2-year average yield (2024–2025): ~45%

VG30 is the closest thing Nigeria has to an S&P 500 index fund. You get exposure to the country’s biggest and most liquid companies — think MTN Nigeria, Dangote Cement, Zenith Bank, GTCO — in a single buy. The fact that it holds 43% of all ETF assets on the NGX speaks to the level of institutional and retail confidence in this fund.

Best for: Investors who want broad Nigerian large-cap exposure with decent liquidity by NGX ETF standards.

🥇 2. Lotus Halal Equity ETF (LOTUSHAL15)

Manager: Lotus Capital Limited
What it tracks: Sharia-compliant Nigerian equities
NAV share: ~11% of total market
2-year average yield (2024–2025): ~64% — highest of any NGX ETF

This is the standout performer by yield. The Lotus Halal ETF screens out companies involved in interest-bearing activities, alcohol, tobacco, and other sectors prohibited under Islamic finance principles — and what’s left has historically returned more than any other ETF on the exchange.

It’s worth noting: you don’t have to be Muslim to invest in a Halal ETF. The screening just means you’re invested in companies with lower debt loads and cleaner balance sheets — which is often a sound strategy regardless of your beliefs.

Best for: Any investor seeking strong equity returns and/or Sharia-compliant exposure. The yield track record here is hard to argue with.

🥈 3. NewGold ETF (NEWGOLD)

Manager: Absa (formerly Rand Merchant Bank)
What it tracks: Physical gold (each unit = fraction of a gold bar)
Unit price range: ₦149,000–₦186,000 (2026)
NAV (2025): ₦2.01 billion (up from ₦1.3 billion in 2024)

NewGold is the most unique ETF on the Nigerian Exchange. It’s not tracking stocks — it’s tracking gold. Each unit you buy represents a small ownership stake in actual physical gold held in a vault.

In a high-inflation environment like Nigeria’s, gold tends to hold its purchasing power over time. The NAV grew 54.6% year-on-year from 2024 to 2025, making this one of the best-performing funds in absolute NAV growth terms.

The catch: at ₦149,000–₦186,000 per unit, this is an expensive buy. And it trades very thin — sometimes fewer than 2,000 units in an entire month, generating most of its value from the sheer price per unit (₦355 million in transaction value from just 2,161 units traded in April 2026). If you need to sell quickly, you might not find a buyer at the price you want.

Best for: Investors looking for a hedge against naira depreciation and inflation. Not for short-term traders.

4. Stanbic IBTC ETF 30

Manager: Stanbic IBTC Asset Management
What it tracks: NGX 30 Index (same as VG30)
Minimum investment: 1,000 units
Consistently one of the highest traded-value ETFs on the exchange

Very similar to VG30 in terms of what it holds — the same NGX 30 index. The main differences are the manager (Stanbic vs Vetiva) and the minimum investment requirement of 1,000 units, which makes it a higher-cost entry point for smaller investors.

Stanbic IBTC ETF 30 regularly records the highest weekly trading values on the NGX ETF board — often ₦150M–₦200M+ in a single week — suggesting institutional buyers are active in this fund.

Best for: Investors who already bank or invest with Stanbic IBTC and want broad NGX exposure. Larger ticket sizes suit this fund better.

5. Vetiva Banking ETF

Manager: Vetiva Fund Managers
What it tracks: Nigerian banking sector stocks
Consistently highest trading volume by units on the NGX ETF board

If you believe in Nigeria’s banking sector — and the recapitalisation cycle currently underway gives good reason to — this is the most direct ETF play. The Vetiva Banking ETF regularly leads the entire NGX ETF market in trading volume (units), suggesting it’s one of the most actively traded funds among retail investors.

Banking stocks dominate the NGX anyway, so this ETF is for investors who want to overweight that sector specifically.

Best for: Investors with a bullish view on Nigerian banks, particularly as the 2024–2026 recapitalisation drive reshapes the sector.

6. Vetiva Consumer Goods ETF

Manager: Vetiva Fund Managers
What it tracks: FMCG and consumer goods companies on the NGX
Regularly features in weekly gainers

Exposure to Nigerian consumer staples — think Nestle, Unilever, Cadbury, and similar names. Consumer goods companies tend to be defensive plays: people keep buying food and household goods even in downturns.

Best for: Conservative investors who want equity exposure but with some downside protection from defensive sector characteristics.

7. Vetiva Industrial ETF

Manager: Vetiva Fund Managers
What it tracks: Industrial sector stocks on the NGX

The industrial-focused sibling of the consumer goods ETF. Covers manufacturing, construction, and industrial companies listed on the exchange. Less talked-about than the banking or consumer goods ETF, but useful for portfolio diversification beyond financial sector exposure.

Best for: Investors looking to balance banking-heavy portfolios with exposure to the real economy.

8. Greenwich Alpha ETF

Manager: Greenwich Asset Management
What it tracks: NGX All-Share Index
Unit price range: Closed at ₦1,040 (April 2026) after a 19.38% decline from ₦1,290 in March

The Greenwich Alpha ETF tracks the broader NGX All-Share Index rather than just the top 30 stocks — so in theory, you’re getting exposure to a wider slice of the market, including mid-caps. In March 2026 it posted a 115% monthly gain; in April it gave most of that back with a 19% drop — illustrating the volatility driven by thin liquidity.

Best for: Investors who want all-share exposure rather than just large-cap concentration. Approach with patience.

9. Meristem Growth ETF

Manager: Meristem Fund Managers
What it tracks: Growth-oriented Nigerian equities
2026 volatility: +30%+ one week, -59% the next month

The Meristem Growth ETF is the most volatile fund on the board — full stop. It surged over 30% in the week of March 18, 2026, then collapsed 59.29% in April, dropping from ₦335 to ₦136. Its market cap swung from ₦4.49 billion to ₦1.83 billion in a single month.

This extreme behaviour is driven almost entirely by thin liquidity, not by changes in the underlying companies. Small buy/sell orders move the price dramatically when trading volumes are in the thousands.

Best for: Experienced investors who understand NAV vs price dynamics and are comfortable with significant short-term price swings. Not suitable for beginners or anyone who needs to sell on a specific date.

10. Meristem Value ETF

Manager: Meristem Fund Managers
What it tracks: Value-oriented Nigerian equities
April 2026 decline: -41.77% (₦240 → ₦139.76)

Similar story to its Meristem sibling — high volatility driven by low liquidity. The Value ETF had a strong May rebound after April’s selloff, posting double-digit gains in the week of May 8, 2026.

Best for: Same profile as Meristem Growth — experienced investors only, with a long time horizon and comfort with price volatility disconnected from fundamentals.

11. Vetiva S&P Nigeria Sovereign Bond ETF

Manager: Vetiva Fund Managers
What it tracks: Nigerian Federal Government bonds

The only fixed-income ETF in the group. Instead of equities, this fund holds government bonds — so returns come from interest income rather than stock price appreciation.

In a high-interest-rate environment, bond ETFs can be attractive. Nigeria’s interest rates have been elevated, making government bonds more competitive with equities on a risk-adjusted basis.

Best for: Risk-averse investors, retirees, or anyone looking to balance an equity-heavy portfolio with stable income-generating assets.

12. SIAML Pension ETF 40

Manager: SIAML (Stanbic IBTC Asset Management / SIC)
What it tracks: Top 40 pension-eligible securities on the NGX
2026 volatility: +185% in March, -59% in April, +59% in May

The SIAML Pension ETF 40 is in a league of its own when it comes to price swings. It went from ₦5,888 to ₦14,270 in March (+185%), crashed back to ₦5,888 in April (-59%), then bounced to ₦9,349 in May (+59%). Its market cap swung between ₦37.98 billion and ₦92.04 billion across those months.

At 34,172 units traded in the entire month of April — the lowest of any fund — this is a case study in illiquidity. These are pension-grade securities inside, but the ETF wrapper is trading as if it’s a penny stock.

Best for: Pension funds and long-term institutional investors who can hold through extreme price noise. Individual retail investors should exercise extreme caution.

Summary: Which ETF for Which Investor?

The Liquidity Warning You Can’t Skip

Almost every ETF on the Nigerian Exchange trades with thin liquidity. This creates a specific risk that doesn’t exist in the same way in US or European ETF markets: the price you see may not be the price you can actually buy or sell at.

Always check:

• Volume — how many units traded today/this week
• NAV — the actual underlying value of the fund’s assets
• Bid-ask spread — how far apart buyers and sellers are

If the volume is extremely low (under 10,000 units for the week), treat price movements with serious scepticism regardless of the percentage shown.

Track All 12 ETFs Live

You can monitor live prices, volumes, day ranges, and performance for all 12 NGX ETFs in one place on NGX Pulse:

→ ngxpulse.ng/etfs

Sortable by price, today’s change, volume, and value traded — updated every 30 minutes during market hours.

Data sourced from Nairametrics Research, SEC ETF valuation reports (2024–2025), NGX Group, and NGX Pulse. Past performance of individual ETFs does not guarantee future returns. ETF prices on the NGX can deviate significantly from Net Asset Value due to thin liquidity. This article is for informational purposes only and does not constitute financial advice. Always consult a licensed investment advisor before making investment decisions.