10 Nigerian Companies Join FTSE Frontier Index as Market Reclassification Nears
Ten Nigerian companies, including Dangote Cement, First HoldCo, GTCO, MTN Nigeria and Zenith Bank, have been listed as newly eligible large-cap stocks in FTSE Russell’s Frontier Index Series. The inclusion follows Nigeria’s planned return from Unclassified to Frontier Market status, effective from the opening of trading on September 21. Other companies listed are Aradel Holdings, Nestlé Nigeria, Nigerian Breweries, Presco and Stanbic IBTC Holdings. Nigeria was removed from the Frontier Market category in 2023 after foreign investors faced delays repatriating funds and accessing foreign exchange. FTSE Russell said improvements in FX liquidity, capital repatriation and market accessibility supported the reclassification. The move is expected to increase the visibility of Nigerian equities and support greater participation by international investors in the local capital market.
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