Nestle Nigeria, Dangote Cement, Guaranty Trust Holding Company (GTCO) and seven other Nigerian companies have been included in the FTSE Frontier Index Series ahead of Nigeria’s return to Frontier Market status on September 21, 2026, after a three-year absence.

The inclusion was contained in FTSE Russell’s September 2026 review of its global indices and comes ahead of Nigeria’s reclassification from Unclassified to Frontier Market status, effective from the opening of trading on September 21, 2026.

The other companies are Aradel Holdings, First HoldCo, MTN Nigeria Communications, Nigerian Breweries, Presco, Stanbic IBTC Holdings and Zenith Bank, which were listed as newly eligible large-cap stocks in FTSE Russell’s September 2026 review.

According to the report, the 10 Nigerian companies were classified as newly eligible large-cap stocks in the review, strengthening the country’s presence in the global index series.

The FTSE Frontier Index Series provides benchmarks covering large, mid and small-cap companies across eligible frontier markets. The indices are used by investors to measure market performance and serve as the basis for index-tracking investment products.

Recall that Nigeria was removed from FTSE Russell’s Frontier Market classification and placed under unclassified status in September 2023 following persistent difficulties faced by international investors in repatriating funds and accessing foreign exchange.

The process towards the country’s return began in October 2025 when FTSE Russell placed Nigeria on its watch list following improvements in foreign exchange liquidity, capital repatriation and market accessibility.

In April 2026, FTSE Russell announced plans to return Nigeria to Frontier Market status from September 21. However, the transition was later subjected to an additional assessment following Nigeria’s migration from the T+2 to T+1 settlement cycle on June 1.

The change raised concerns among some international investors and global custodians that the shorter settlement cycle could create challenges for foreign investors trading Nigerian securities.

The development led to engagements involving NGX Group, the Securities and Exchange Commission, FTSE Russell, global custodians and international institutional investors.

Following the engagements and further assessment, FTSE Russell on August 27 confirmed that Nigeria would return to Frontier Market status from the opening of trading on September 21, 2026.