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FG Hails FTSE Russell Reclassifies of Nigeria as Frontier Market
By Ekpang Raphael
Abuja (Core Reporters) — The Federal Government has welcomed the confirmation by 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 challenges with capital repatriation and foreign exchange execution made the market inaccessible to international investors.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the reclassification followed sustained 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 validation of Nigeria’s reform trajectory and a foundation for the next phase of the country’s capital market development.
“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. It is a meaningful signal to global capital that our market is open, orderly and improving.
“It 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,” Oyedele said.
The Minister commended the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), the Nigerian Exchange Group (NGX), the Central Securities Clearing System (CSCS), as well as capital market operators and other stakeholders, for their sustained collaboration in achieving the reclassification.
According to him, their coordinated efforts in regulatory reform, market infrastructure modernisation and investor engagement have been central to restoring Nigeria’s standing among global index providers.
Looking ahead, the Federal Government reaffirmed its commitment to working with market regulators and institutions to deepen market liquidity, broaden participation and strengthen investor protection, with the medium-term goal of positioning Nigeria for progression to Emerging Market status.
“The Ministry will 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,” the Minister added.
