FTSE Russell adds 10 Nigerian firms to index

Nigeria is set to return to global Frontier Market status after FTSE Russell added 10 Nigerian companies to its FTSE Frontier Index Series. The re-entry is scheduled for Sept. 21, 2026, ending a three-year exclusion from the index system.

The newly eligible large-cap companies are Aradel Holdings, Dangote Cement, First HoldCo, Guaranty Trust Holding Company, MTN Nigeria Communications, Nestlé Nigeria, Nigerian Breweries, Presco, Stanbic IBTC Holdings and Zenith Bank.

FTSE Russell moved Nigeria up from its “Unclassified Market” status after improvements in foreign-exchange liquidity and mechanisms for repatriating foreign capital. The index provider downgraded Nigeria in September 2023, citing severe currency illiquidity and persistent delays for foreign investors seeking to transfer capital and dividend earnings.

The process faced another pause in June 2026 after Nigeria shifted from a T+2 to a T+1 trade-settlement cycle. International investors raised concerns about possible prefunding requirements for Nigerian equity transactions. Engagements involving the Nigerian Exchange Group, the Securities and Exchange Commission, global custodians and foreign asset managers eventually resolved the issue.

At a stakeholder meeting in London in July, NGX Group reassured international custodians about the operational efficiency of the T+1 framework. FTSE Russell issued its final confirmation on Aug. 27.

Market analysts expect the reclassification to increase global visibility for Nigerian shares, attract foreign portfolio investment and improve liquidity on the local exchange. Dangote Cement has separately announced a Capital Markets Day in London on Sept. 21, where executives will brief institutional investors and analysts as the company prepares for a proposed secondary listing on the London Stock Exchange.