Six Nigerian Firms Join FTSE Frontier 50 Index

On September 8, 2023, it was announced that six Nigerian companies—First HoldCo, Guaranty Trust Holding Company (GTCO), Zenith Bank, MTN Nigeria Communications, Dangote Cement, and Aradel Holdings—will be included in the FTSE Frontier 50 Index after the latest semi-annual review by FTSE Russell. This inclusion marks a significant step in Nigeria's return to the global frontier-market benchmark, with the changes taking effect after the close of trading on September 18, 2023, and the revised index becoming effective on September 21, 2023.

The six companies represent 46.1 percent of the 13 new constituents added to the index. FTSE Russell had previously restored Nigeria's Frontier Market status in April 2023, following an assessment of the country's transition from a T+2 to T+1 settlement cycle.

The index inclusion is expected to enhance international visibility for these companies and signal improvements in Nigeria's capital market infrastructure for international investors.