FTSE Russell has added 10 Nigerian companies with a combined market capitalization of about N67.14 trillion to its Frontier Index Series as Nigeria prepares to return to Frontier Market status.
The companies included in the September 2026 review are First HoldCo, Dangote Cement, MTN Nigeria Communications, Guaranty Trust Holding Company, Zenith Bank, Aradel Holdings, Nestlé Nigeria, Nigerian Breweries, Presco and Stanbic IBTC Holdings.
Nigeria’s return to Frontier Market classification is scheduled to take effect on September 21, 2026, ending a three-year period in which the country was classified as Unclassified.
As of September 3, Dangote Cement had the largest market capitalization among the companies at about N17.45 trillion.
MTN Nigeria followed at roughly N16.85 trillion, while First HoldCo stood at about N6.82 trillion.
Aradel Holdings was valued at approximately N6.3 trillion, Zenith Bank at N5.24 trillion and GTCO at N4.85 trillion.
Stanbic IBTC, Presco, Nestlé Nigeria and Nigerian Breweries each had market values above N2 trillion.
The FTSE Frontier Index Series tracks large, mid and small-cap companies across eligible frontier markets and is widely used as a benchmark by global investors and index-tracking funds.
Nigeria was removed from Frontier Market status in September 2023 after persistent foreign-exchange shortages and delays in repatriating capital created access problems for international investors.
The reclassification process began in October 2025 when FTSE Russell placed Nigeria on a watch list following improvements in FX liquidity, capital repatriation and market accessibility.
FTSE announced in April 2026 that Nigeria would return to Frontier Market status.
The transition was later subjected to additional review after Nigeria moved from a T+2 to a T+1 settlement cycle in June.
Some international market participants raised concerns that the shorter settlement period could create an effective prefunding requirement for foreign investors.
That prompted engagement among NGX Group, the Securities and Exchange Commission, FTSE Russell, global custodians and institutional investors.
NGX Group Managing Director Temi Popoola said the next challenge was to convert renewed global visibility into deeper participation, stronger liquidity and more capital formation for Nigerian businesses.
He said the reclassification should be treated as a platform for broader capital-market development rather than an end in itself.
