FTSE Russell may reclassify Nigeria back to “Frontier Market” status. The likelihood of this reclassification of the national capital market by global index provider serves as a vital anchor for international investor confidence and cross-border capital allocation. Sources close to this development said the reclassification might happen this week, though didn’t provide specific date.
The Global index provider FTSE Russell had placed its planned reclassification of Nigeria back to Frontier Market status under “further review” saying that the decision allows the index provider to thoroughly assess how Nigeria’s recent transition to a shortened T+1 settlement cycle (clearing and settling trades one business day after execution) affects international institutional investors.
On June 1, the Nigerian capital market completed the final leg of a deliberate, multi-year modernisation of its post-trade architecture, becoming the first market in Africa to settle securities one business day after the trade date. The transition followed a disciplined sequence: the migration from T+3 to T+2 on November 28, 2025, and then to T+1 barely six months later.
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