Nigeria Restores FTSE Russell Frontier Market Status

Nigeria officially returned to FTSE Russell’s Frontier Market classification effective September 21, ending a three-year classification as Unclassified. This change follows enhancements in foreign exchange liquidity, capital repatriation, and market infrastructure.

Nigeria's previous exit from FTSE Russell was due to challenges faced by international investors in accessing foreign exchange and repatriating investment proceeds. In September 2022, FTSE Russell placed Nigeria on its Watch List after reports of difficulties in capital repatriation.

By September 2023, the index provider noted no significant improvement in capital repatriation capabilities, leading to Nigeria's Unclassified status. The recent review in September 2026 confirmed that Nigeria met the requirements for Frontier Market status, identifying 31 Nigerian companies eligible for the FTSE Frontier Index Series, which includes 10 large-cap, 10 mid-cap, and 11 small-cap stocks across various sectors such as banking, telecommunications, and agriculture.