FTSE Confirms Nigeria’s Frontier Market Reclassification

FTSE Russell has confirmed that Nigeria will officially return to Frontier Market status from September 21, following a review process that began in October 2025. The reclassification, first announced in April, faced a delay after Nigeria’s shift from a T+2 to T+1 settlement cycle in June prompted concerns from international investors about potential prefunding requirements. However, after extensive engagement with NGX Group, the Securities and Exchange Commission, and global custodians, FTSE Russell found no material operational issues with the new settlement system and confirmed the reclassification would proceed as planned. The reclassification is expected to improve Nigeria’s visibility among global investors and support deeper market participation. Separately, S&P Dow Jones Indices has placed Nigeria on its own watch list for potential 2027 reclassification.