Global X Funds launches first Nigeria ETF on NYSE

By bne IntelliNews April 8, 2013

Global X Funds, a New York-based provider of exchange traded funds (ETF), has launched the Global X Nigeria Index ETF (NGE), the first ETF on the New York Stock Exchange tracking Nigerian stocks. The company explained that the Global X Nigeria Index ETF, which tracks the Solactive Nigeria Index, provides exposure to the largest and most liquid companies in Nigeria as well as companies that derive a significant amount of revenues from the country, giving investors a cost efficient way to access the West African country, which is widely believed to have a significant long-term growth potential.

Nigeria is the most populous country in Africa with over 160 million people and the second-biggest economy on the continent after South Africa. It is also the biggest oil producer in Africa. According to the World Bank, approximately 63% of Nigeria’s population is under the age of 25. Goldman Sachs has included Nigeria in its “Next 11” economies, which are defined as a group of large, fast-growing markets that are expected to be an important source of growth and opportunity in the future.

Nigeria’s stock market grew 35% in 2012, ranking as the second best performer in Africa and one of the best in the world. The index is up 22% so far this year and analysts expect gains to continue, buoyed by strong corporate earnings.

Related Articles

AB InBev sells 54.5% stake in African Coke bottling business for $3.15bn

Anheuser-Busch InBev will sell a 54.5% stake in Africa's largest Coke bottler to Coca-Cola Company for $3.15bn, the two companies said in a joint statement on December 21. The deal is expected to ... more

IMF slashes South Africa’s 2016 growth outlook to 0.7%

The International Monetary Fund (IMF) has lowered sharply its 2016 GDP growth forecast for South Africa to just 0.7% from 1.3% anticipated in October, its World Economic Outlook (WEO) update released ... more

MTN Nigerian fine raised back to $5.2bn, court refuses to freeze company bank accounts

The record fine, imposed on South Africa-based telecoms group MTN by the Nigerian Communications Commission (NCC) has been raised back to $5.2bn, publications in local media revealed. The ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss