FTSE Russell has confirmed Nigeria's return to Frontier Market status on the Nigerian Exchange (NGX), effective September 21, 2026, according to Vanguard. The decision reverses the country's 2023 relegation to "Unclassified" status, which followed foreign-exchange liquidity problems, difficulties repatriating investment proceeds, and concerns about market accessibility that had made Nigeria less attractive to foreign investors. The upgrade is seen as a significant vote of confidence in the NGX.

Nigeria's efforts to regain its Frontier Market status have encountered a new challenge as FTSE Russell, a global index provider, has postponed the process. This delay represents an unexpected setback for the country in its pursuit of re-entering the global financial index, according to Tribune Online.

FTSE Russell has added Wema Bank Plc and nine other mid-capitalised Nigerian companies to its Frontier Index Series, according to ThisDay Live. The inclusion follows the index provider's recent reclassification of Nigeria from "Unclassified" to "Frontier Market" status. The move is expected to raise the visibility of the listed firms among international investors tracking frontier market benchmarks, though the full list of the ten companies was not detailed in the available report.

FirstHoldCo Plc, a Nigerian financial services holding company, has been included in the FTSE Frontier 50 Index effective 21 September 2026, according to Nairametrics. The inclusion places FirstHoldCo alongside five other Nigerian companies among the most liquid and investable firms across frontier markets. The report describes the move as strengthening the company's global investor access and market visibility, and characterizes the index as more significant than the FTSE Russell Index.

FTSE Russell has included six Nigerian companies in its FTSE Frontier 50 Index, according to Leadership. Three Nigerian lenders—First HoldCo, Zenith Bank and Guaranty Trust Holding Company (GTCO)—joined the index ahead of a market reclassification, alongside Dangote Cement, MTN Nigeria Communications and Aradel Holdings. The index tracks the performance of major companies in frontier markets, and the inclusion of the banks underscores the growing prominence of Nigeria's financial sector among investors.

Sola Oni argues that the decision by FTSE Russell to reclassify Nigeria from 'Unclassified' to a different category is flawed, suggesting that markets should not be evaluated solely based on their appeal to foreign capital. This perspective highlights concerns about the implications of such classifications on the Nigerian market.