FTSE Russell Confirms Nigeria's Frontier Market Status

FTSE Russell announced that Nigeria's reclassification from Unclassified to Frontier Market status will take effect on September 21, 2026. This decision, confirmed in a market notice on August 27, 2026, marks Nigeria's return to the global Frontier Market universe.

The reclassification aims to increase the visibility of Nigerian equities among international investors and enhance participation by global institutional investors. Temi Popoola, Group Managing Director and CEO of NGX Group, stated that this should be seen as an opportunity to deepen the Nigerian capital market.

The process began in October 2025 when Nigeria was placed on FTSE Russell's Watch List due to improvements in foreign exchange liquidity and market accessibility. Following discussions with global custodians and institutional investors, FTSE Russell observed no significant issues with the new T+1 settlement framework.

Additionally, S&P Dow Jones Indices has placed Nigeria on its Watch List for potential reclassification to Frontier Market status in 2027.