Nigeria's Market Rejoins FTSE Frontier Index with ₦162.16trn

On September 21, Nigeria's equities market was reinstated into FTSE Russell's Frontier Market classification, allowing eligible Nigerian stocks to return to the FTSE Frontier Index Series. This decision was based on a review of Nigeria's market accessibility, foreign-exchange conditions, and the transition to a T+1 settlement cycle.

The NGX All-Share Index opened the new trading week at 249,804.56 points, with the market capitalisation hitting ₦162.16 trillion. FTSE Russell identified 31 Nigerian companies as eligible for inclusion in the Frontier Index Series during its September review.

Notable companies include GTCO, Zenith Bank, MTN Nigeria, Dangote Cement, Stanbic IBTC, First HoldCo, Nestlé Nigeria, Nigerian Breweries, Presco, and Aradel Holdings. Prior to this, Nigeria had been excluded from FTSE Russell's standard country classification framework, and this return signifies a positive shift for international investment funds looking to engage with Nigerian equities.