Nigeria Returns to FTSE Russell Frontier Market Status September 21
Oru Leonard
The Federal Government has welcomed the decision by global index provider FTSE Russell to reclassify Nigeria’s capital market from “Unclassified” to “Frontier Market” status, effective from the opening of trading on September 21, 2026.
The Federal Ministry of Finance, under the leadership of Mr. Taiwo Oyodele described the reclassification as a significant milestone in Nigeria’s efforts to restore international investor confidence and deepen the country’s capital market.
Nigeria was removed from the FTSE Russell Frontier Market universe in September 2023 following persistent challenges relating to capital repatriation and foreign exchange execution, which affected the accessibility of the market to international investors.
According to the Ministry, the latest decision follows sustained improvements in foreign exchange liquidity, capital repatriation and overall market accessibility.
It said the development reflects the cumulative impact of the Federal Government’s macroeconomic and structural reform programme.
The Ministry stated that the return to the Frontier Market classification represents an important validation of Nigeria’s reform trajectory and provides a foundation for the next phase of capital market development.
It added that the development sends a positive signal to global investors that Nigeria’s capital market is becoming more open, orderly and accessible.
The government, however, said the reclassification should be regarded as a milestone rather than a destination, stressing that its ultimate objective is to develop a capital market that is sufficiently deep, liquid and competitive to achieve Emerging Market status in the near term.
The Ministry commended the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group, Central Securities Clearing System, capital market operators and other stakeholders for their collaboration in restoring Nigeria’s standing among global index providers.
It noted that their efforts in regulatory reforms, modernisation of market infrastructure and sustained engagement with investors had contributed significantly to the achievement.
Looking ahead, the Federal Government reaffirmed its commitment to working with market regulators and institutions to deepen liquidity, broaden market participation and strengthen investor protection.
It said these measures would support the medium-term objective of positioning Nigeria for progression to Emerging Market status.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the Federal Government would continue to support policies aimed at enhancing the depth, transparency and global competitiveness of Nigeria’s capital market as a critical component of the nation’s economic transformation agenda.
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