FTSE Russell Includes 10 Nigerian Firms in Frontier Index

FTSE Russell has admitted 10 Nigerian companies into its FTSE Frontier Index Series, with a total market capitalization of N67.14 trillion, following Nigeria's reclassification from "Unclassified" to "Frontier Market" status. The companies included are First Holdco Plc, Dangote Cement Plc, MTN Nigeria Communications Plc, Guaranty Trust Holding Company (GTCO), and Zenith Bank Plc, among others.

As of September 3, 2026, Dangote Cement led the market capitalization at N17.45 trillion, followed by MTN Nigeria at N16.85 trillion and First Holdco at N6.82 trillion. Nigeria was reclassified after significant improvements in foreign exchange liquidity and capital repatriation, having been placed on FTSE Russell's Watch List in October 2025.

The effective date for the return to Frontier Market status is set for September 21, 2026, after a transition plan was paused for further assessment due to changes in the settlement cycle.