FTSE Russell

Foreign institutional investors returned to Nigerian equities on Monday as Nigeria officially regained its FTSE Russell Frontier Market status, with major banking stocks attracting some of the strongest trading activity.

Nigeria has officially returned to FTSE Russell’s Frontier Market classification, effective from the opening of trading on September 21, ending a three-year period in which the country was classified as Unclassified.

Nigeria will, on Monday, September 21, return to the FTSE Russell Frontier Market universe, ending a three-year period in which its equities were excluded from the global index provider’s frontier-market classification.

The development was contained in FTSE Russell’s September Index Review, following the index provider’s decision to restore Nigeria’s market classification after three years as an “Unclassified Market”.

The confirmation, contained in a market notice published on Thursday, August 27, formally clears the uncertainty that had surrounded Nigeria’s return to the Frontier Market universe after the transition was placed under further review in June.

The decision is expected to be formally announced later this week, potentially clearing the uncertainty that emerged after FTSE Russell placed Nigeria’s planned reclassification under further review in June.