Lagos, Nigeria – Exchange Traded Funds (ETFs) on the Nigerian Exchange suffered significant losses in February 2026. However, sector-specific funds in banking and consumer goods delivered positive returns amid broader market weakness.
Okay News reports that total ETF trading value surged to N2.94 billion ($1.95 million USD) in February. This represents a sharp increase from N1.51 billion in January. Trading volume also jumped from 6.3 million units to 18.6 million units during the same period.
Despite increased trading activity, most ETFs experienced declines ranging from 7% to 48%. The losses reflect ongoing market pressure and investor caution in Africa’s largest economy.
Meristem Growth ETF recorded the steepest decline, plunging 48.20% to N650 from N1,254.90. Its market capitalization dropped to N8.7 billion from N16.82 billion at the end of January.
Stanbic IBTC ETF 30 fell 40.12% to close at N1,956.42. The fund’s market capitalization declined to N11.2 billion compared to N18.67 billion previously. SIAML Pension ETF 40 dropped 33.13% to N5,014.96 from N7,500.
Vetiva S&P Nigeria Sovereign Bond ETF declined 33.37% to N400 from N600.30. Greenwich Alpha ETF sank 32.07% to N600 from N883.28. NewGold ETF fell 16.54% to N66,600 from N79,799.84.
However, four ETFs bucked the negative trend. Vetiva Consumer Goods ETF gained 15.88% to close at N65.61. Vetiva Banking ETF rose 15.35% to N31.19 from N27.04.
Lotus Halal Equity ETF increased 9.02% to N145.1 from N133.1. Vetiva Griffin 30 ETF posted a modest 1.10% gain to N73.80 from N73.
The outperformance of banking and consumer funds suggests investors are gravitating toward sectors with stable profitability. This trend indicates a flight to quality amid market turbulence.
Stanbic IBTC ETF 30 recorded the highest transaction value at N672.08 million despite its significant price decline. This pattern may signal institutional sell-offs rather than favorable sentiment.
Vetiva Banking ETF led in trading volume with 6.13 million units exchanged. Vetiva Griffin 30 ETF followed with 5.63 million units traded. NewGold ETF saw minimal activity with only 402 units traded.
The decline in sovereign bond ETFs demonstrates that traditionally secure fixed income assets are not immune to broader economic pressures. Interest rate changes and currency volatility continue affecting investor confidence.
February’s performance contrasts sharply with January’s strong showing. Several ETFs posted gains between 35% and 322% month-to-date in January, highlighting extreme volatility in the Nigerian market.
The sharp reversal from January to February underscores the unpredictable nature of emerging market investments. Investors appear increasingly selective, favoring sector-specific exposure over broad market indices.
 on the Nigerian Exchange suffered significant losses in February 2026. However, sector-specific funds in banking and consumer goods delivered positive returns amid broader market weakness.){kind=link}