Nigeria's Six Firms Join FTSE Frontier 50 Index in 2026

FTSE Russell has included six Nigerian companies in its FTSE Frontier 50 Index as Nigeria prepares to regain its Frontier Market status after a three-year absence. The inclusion, announced in the September 2026 semi-annual review dated September 4, 2026, will take effect after the close of business on September 18, 2026, with the new index composition starting on September 21, 2026.

The six companies listed are FirstHoldCo, Zenith Bank, GTCO, Dangote Cement, Aradel, and MTN Nigeria. This reclassification follows Nigeria's removal from FTSE Russell’s Frontier Market classification to Unclassified status in September 2023 due to challenges faced by international investors in capital repatriation and foreign exchange transactions.

FTSE Russell confirmed the transition after observing no significant settlement or operational issues. The Frontier 50 Index is a concentrated benchmark of the largest 50 companies within the FTSE Frontier Index, which is reviewed semi-annually.