FG Hails FTSE Russel’s Reclassification of Nigeria to Frontier Market Status

By Aduragbemi Omiyale

The decision of global index provider FTSE Russell to move Nigeria’s capital market to Frontier Market status from Unclassified, effective at the opening of trading on Monday, September 21, 2026, has been applauded by the federal government.

The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, in a statement on Friday, said the development reflects years of disciplined work across 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,” he noted.

The Minister further disclosed that the reclassification is an important validation of Nigeria’s reform trajectory and a foundation for the next phase of the country’s capital market development, adding that it is a meaningful signal to global capital that our market is open, orderly and improving.

He praised the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), the Nigerian Exchange (NGX) Group Plc, the Central Securities Clearing System (CSCS) Plc, and all capital market operators and stakeholders for their sustained collaboration in achieving this outcome.

According to him, their coordinated efforts spanning regulatory reform, market infrastructure modernisation and investor engagement have been central to restoring Nigeria’s standing among global index providers.

He assured that the government would continue to support policies that enhance the depth, transparency and global competitiveness of Nigeria’s capital market as a key pillar of the nation’s economic transformation agenda.

“Looking ahead, the federal government reaffirms its commitment to working with market regulators and institutions to deepen liquidity, broaden participation and strengthen investor protections, with the medium-term goal of positioning Nigeria for progression to Emerging Market status,” he said.

Nigeria returned to the global Frontier Market universe, nearly three years after its exclusion in September 2023, when persistent difficulties in capital repatriation and foreign exchange execution made the market inaccessible to international investors.

The reclassification follows sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility, and reflects the cumulative impact of the federal government’s macroeconomic and structural reform programme.