FTSE Russell Includes 31 Nigerian Firms in Frontier Index

FTSE Russell has announced the inclusion of 31 Nigerian companies in its FTSE Frontier Index Series, marking Nigeria's return to Frontier Market status after a three-year absence. This reclassification will take effect from the open of trading on September 21, 2026.

The decision follows Nigeria's removal from Frontier Market status to Unclassified in September 2023 due to delays in capital repatriation and foreign exchange transactions. The journey to reclassification began in October 2025 when FTSE Russell placed Nigeria on its Watch List, acknowledging improvements in foreign exchange liquidity and market accessibility.

The FTSE Frontier Index Series includes 10 large-cap stocks, 10 mid-cap stocks, and 11 small-cap stocks from Nigeria, with the large-cap stocks reflecting the categorization of Megacap Nigerian stocks. On August 27, 2026, FTSE Russell confirmed the reclassification, which positions Nigeria's largest and most liquid businesses within a global benchmark.