Ten Nigerian companies have been included in FTSE Russell’s FTSE Frontier Index Series ahead of Nigeria’s return to Frontier Market status.
The inclusion was announced in FTSE Russell’s September Index Review, following its decision to reclassify Nigeria from Unclassified to Frontier Market status.
The Nigerian companies included in the index are Aradel Holdings, Dangote Cement, First HoldCo, Guaranty Trust Holding Company (GTCO), MTN Nigeria Communications, Nestlé Nigeria, Nigerian Breweries, Presco, Stanbic IBTC Holdings and Zenith Bank.
The reclassification of Nigeria to Frontier Market status is scheduled to take effect from the opening of trading on Sept. 21.
The FTSE Frontier Index Series provides benchmarks covering large, mid and small-cap companies across eligible frontier markets.
It also serves as a performance benchmark for investors and a basis for index-tracking investment products.
Nigeria was removed from the Frontier Market classification and placed in the Unclassified category in September 2023, following significant and continuing delays affecting international institutional investors’ ability to repatriate capital and execute foreign exchange transactions.
The process toward reclassification began in October 2025, when FTSE Russell placed Nigeria on its Watch List for potential reclassification following improvements in foreign exchange liquidity, capital repatriation and market accessibility.
In April, FTSE Russell announced that Nigeria would return to Frontier Market status, with Sept. 21 set as the effective date.
However, the transition plan was subsequently paused for additional assessment following Nigeria’s move from a T+2 to a T+1 settlement cycle on June 1.
The review followed concerns among market participants that the shorter settlement cycle could create a de facto prefunding requirement for international institutional investors trading Nigerian securities.
The development prompted engagements among NGX Group, the Securities and Exchange Commission (SEC), FTSE Russell, global custodians and international institutional investors.
