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Since the launch of the Global X MSCI Nigeria ETF (NGE) in 2014, the fund has declined pretty consistently from $60 to $12.4 today. I want to like the fund. It has extremely low valuations, is in a country with immense long-run growth potential, and typically maintains a U.S. dollar currency peg.
That said, the risks in investing in the fund are high. Nigeria is one of the least developed countries available for ETF investment. The country is prone to large economic swings and is extremely dependent on the price of crude oil.