NGX meets FTSE Russell in London to discuss Nigeria’s T+1 settlement
NGX delegation led by Chairman Umaru Kwairanga met FTSE Russell, international institutional investors and custodians in London to discuss concerns over Nigeria’s T+1 settlement cycle after FTSE Russell paused its planned reclassification of Nigeria to Frontier Market status. The talks were described as "fruitful and frank," with the delegation explaining that the T+1 framework, which took effect last month, was jointly developed by regulators, market operators and infrastructure providers, has been operating smoothly and has SEC approval. They presented proposals to further align Nigeria’s market operations with international best practices under the T+1 regime and are awaiting feedback from FTSE Russell and other stakeholders. FTSE Russell said it will give a definitive update on Nigeria’s potential return to the Frontier Market index by the end of August 2026. Just a week after FTSE Russell’s announcement, S&P Dow Jones Indices placed Nigeria on its 2027 watchlist for a possible upgrade to Frontier, citing regulatory reforms aimed at improving transparency, market integrity and accessibility. S&P will monitor developments through the rest of 2026 before deciding in its 2027 Country Classification Annual Review. For Nigerian investors and market participants, the ongoing international review signals that reforms are being recognised but consistent implementation and stronger operational resilience are still needed to secure upgrades and attract foreign capital. Stakeholders should watch for FTSE Russell’s August 2026 decision and S&P’s 2027 review, and ensure continued compliance with the T+1 settlement framework.