FTSE Russell May Reclassify Nigeria to Frontier Market

FTSE Russell is considering reclassifying Nigeria back to Frontier Market status, a move that is essential for bolstering international investor confidence and facilitating cross-border capital allocation. Sources indicate that this reclassification could occur within the week, although no specific date has been provided.

FTSE Russell had previously placed Nigeria's reclassification under "further review" to evaluate the impact of Nigeria's recent transition to a T+1 settlement cycle, which allows for the clearing and settling of trades one business day after execution. This transition was completed on June 1, following a multi-year modernization effort of Nigeria's post-trade architecture, making it the first market in Africa to implement such a settlement cycle.

The modernization process included a previous migration from T+3 to T+2 on November 28, 2025, and then to T+1 just six months later.