Lagos, Nigeria – September 21, 2026
DDNewsOnline
Nigeria’s reclassification from Unclassified to Frontier Market status by FTSE Russell takes effect from the opening of trading today, Monday, September 21, 2026, marking the country’s return to the global Frontier Market universe after a three-year absence.
The decision follows an additional assessment by FTSE Russell after concerns were raised by market participants over Nigeria’s transition from a T+2 to T+1 settlement cycle, which took effect on June 1. Investors had raised concerns that the new settlement framework could create a de facto prefunding requirement for international institutional investors.
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Following engagements with the Nigerian Exchange Group, the Securities and Exchange Commission, global custodians and institutional investors, FTSE Russell said it found no material settlement, operational or funding issues following the implementation of T+1. The index provider subsequently confirmed that the reclassification would proceed as scheduled.
Nigeria was previously classified as a Frontier Market but was moved to Unclassified status in September 2023 after international institutional investors faced significant delays in repatriating capital and executing foreign-exchange transactions. FTSE Russell said improvements in FX liquidity, capital repatriation and market accessibility supported the country’s return to Frontier status.
The return places Nigerian equities back within FTSE Russell’s global Frontier Market indices and provides international investors with a recognised framework for accessing the Nigerian market. The development is also expected to improve the visibility of Nigerian stocks among global investment institutions.
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Ahead of today’s reclassification, six Nigerian companies — First HoldCo, GTCO, Zenith Bank, MTN Nigeria, Dangote Cement and Aradel Holdings — were included in the FTSE Frontier 50 Index as part of the September 2026 review.
The development also comes as the Nigerian equities market records strong activity. The NGX All-Share Index closed last week at a record 249,804.56 points, while market capitalisation reached ₦162.16 trillion, reflecting continued gains across the market.
With the reclassification now effective, attention will turn to how increased international visibility translates into foreign participation, market liquidity and greater access to capital for Nigerian businesses.
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By Onabanjo Boluwatife Ifeoluwa
boluwatifeonabanjo3@gmail.com