FG hails FTSE Russell reclassification of Nigeria as a frontier market

FG hails FTSE Russell reclassification of Nigeria as a frontier market

By Ekpang Raphael

Abuja (Core Reporters) – The Federal Government has welcomed confirmation from global index provider FTSE Russell that Nigeria’s capital market will be reclassified from “Unclassified” to “Frontier Market” status, effective from the opening of trading on Monday, September 21, 2026.

The decision marks Nigeria’s return to the global frontier market universe, nearly three years after its exclusion in September 2023, when persistent capital repatriation and foreign exchange enforcement challenges made the market inaccessible to international investors.

Finance Minister and Coordinating Minister for Economy, Taiwo Oyedele, said the reclassification follows consistent improvements in foreign exchange liquidity, capital repatriation and market accessibility, reflecting the cumulative impact of the federal government’s macroeconomic and structural reform programme.

He said the development was an important confirmation of Nigeria’s reform trajectory and a foundation for the next phase of the country’s capital market development.

“The reclassification is an important confirmation of Nigeria’s reform path and a basis for the next phase of development of the country’s capital market. It is a significant signal to global capital that our market is open, orderly and improving.

“It reflects years of disciplined work by government and the private sector to restore confidence in our economy. We see this as a milestone, not a destination. Our ambition remains to build a capital market that is deep, liquid and competitive enough to earn emerging market status in the near term,” Oyedele said.

The minister commended the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigerian Exchange Group (NGX), Central Securities Clearing System (CSCS), as well as capital market operators and other stakeholders, for their continued collaboration in achieving the reclassification.

According to him, their coordinated efforts in regulatory reform, modernization of market infrastructure and investor engagement were instrumental in restoring Nigeria’s position among global index providers.

Looking ahead, the Federal Government has reaffirmed its commitment to working with regulators and market institutions to increase market liquidity, broaden participation and strengthen investor protection, with the medium-term goal of positioning Nigeria for advancement to emerging market status.

“The Ministry will continue to support policies that improve the depth, transparency and global competitiveness of Nigeria’s capital market as a key pillar of the nation’s economic transformation agenda,” the Minister added.