FTSE Russell adds 10 Nigerian companies to Frontier Index

FTSE Russell has added ten Nigerian companies to its Frontier Index series, facilitating Nigeria’s official reclassification from ‘unclassified’ to ‘frontier market’ status effective September 21, 2026.

The newly eligible large-cap constituents include 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. This inclusion follows a period of scrutiny after Nigeria was downgraded to ‘unclassified’ in September 2023 due to foreign exchange illiquidity and capital repatriation challenges.

Implementation of the upgrade was briefly paused in June 2026 following Nigeria’s transition from a T+2 to a T+1 settlement cycle, which raised concerns among international investors regarding potential prefunding requirements. However, after engagements with Nigerian market authorities and investors, FTSE Russell determined that no material settlement or operational issues had occurred, allowing the reclassification to proceed.