FG Welcomes Nigeria’s Return to FTSE Russell Frontier Market Status
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.
The reclassification will take effect from the open of trading on Monday, 21 September 2026.
This marks Nigeria’s return to the global Frontier Market index nearly three years after its removal in September 2023. The earlier exclusion was due to challenges with foreign exchange liquidity and capital repatriation.
In a statement signed by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, he said the decision reflects sustained improvements in FX liquidity, investor access, and the impact of the Federal Government’s macroeconomic reforms.
“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,” the Minister stated
He commended the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group, Central Securities Clearing System, and all capital market operators and stakeholders for their role in restoring Nigeria’s standing among global index providers
Going forward, the Federal Government reaffirmed its commitment to deepen market liquidity, broaden participation and strengthen investor protections, with the medium-term goal of positioning Nigeria for progression to Emerging Markrt status
The Ministry said it 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.
