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Nigeria’s ETFs: Gold, glitter, and a regulatory blackout

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Gold shines in any currency and in Nigeria’s fledgling exchange-traded fund market, it was the only thing that performed consistently between October and December 2025. The New Gold ETF posted a returned of 16.4 per cent in the quarter as it climbed in both November and December whereas almost every equity-linked peer tripped. Vetiva Consumer Goods ETF was second, having returned 13 per cent, with a rise of 16.4 per cent in December alone. Vetiva Banking ETF rounded out the podium, returning 3.3 per cent. Beyond that, the numbers grow uncomfort

Gold shines in any currency and in Nigeria’s fledgling exchange-traded fund market, it was the only thing that performed consistently between October and December 2025. The New Gold ETF posted a returned of 16.4 per cent in the quarter as it climbed in both November and December whereas almost every equity-linked peer tripped. Vetiva Consumer Goods ETF was second, having returned 13 per cent, with a rise of 16.4 per cent in December alone. Vetiva Banking ETF rounded out the podium, returning 3.3 per cent. Beyond that, the numbers grow uncomfort



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