Ten major Nigerian listed companies have been added to FTSE Russell’s FTSE Frontier Index Series, paving the way for the country’s official re-entry into global Frontier Market status on September 21, 2026.
The inclusion was confirmed in FTSE Russell’s September Index Review, following the index provider’s decision to elevate Nigeria from its previous status as an ‘Unclassified Market’.
The selected companies, categorised by FTSE Russell as “Newly Eligible” large-cap stocks, include Aradel Holdings, Dangote Cement, First HoldCo, Guaranty Trust Holding Company, MTN Nigeria Communications, Nestlé Nigeria, Nigerian Breweries, Presco, Stanbic IBTC Holdings, and Zenith Bank.
The FTSE Frontier Index Series serves as a key benchmark covering large-, mid- and small-cap companies across emerging and frontier markets, aiding international fund managers in tracking performance and launching index-linked investment products.
Nigeria’s upgrade marks the end of a three-year exclusion cycle. In September 2023, FTSE Russell downgraded Nigeria to ‘Unclassified’ due to extreme FX illiquidity and chronic delays experienced by foreign institutional investors in repatriating foreign capital and dividend earnings.
