City Boy Movement says Nigeria’s return to FTSE Frontier Market status reflects progress in foreign exchange access and investor confidence.
The City Boy Movement has commended President Bola Tinubu over Nigeria’s planned return to FTSE Russell’s Frontier Market status, describing the development as an independent validation of the administration’s economic reforms.
The youth advocacy organisation said Nigeria’s reclassification from “Unclassified” to “Frontier Market” status, scheduled to take effect on September 21, 2026, represented an important vote of confidence in the Nigerian economy.
Nigeria was removed from the category in September 2023 following challenges associated with access to foreign exchange and the ability of international investors to repatriate capital.
Director-General of the City Boy Movement, Francis Shoga, said the decision to restore Nigeria’s status demonstrated progress made in addressing some of those constraints since Tinubu assumed office.
“When our grand patron, President Bola Tinubu, took office, Nigeria’s foreign exchange market was under severe pressure, with billions of dollars in investor funds trapped in the country,” Shoga said.
“Three years on, FTSE Russell reports that FX queues have cleared, and international institutional investors no longer face significant delays in repatriating their capital. Nigeria is rejoining the global investment benchmark after being removed.
“That is measurable progress, independently assessed by one of the world’s leading index providers.”
The group also commended the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) and other capital market stakeholders for their roles in strengthening confidence in the Nigerian market and supporting the reforms.
Shoga, however, acknowledged that improvements recognised by international institutions still needed to translate into tangible improvements in Nigerians’ living standards.
“There is still work to be done, particularly in ensuring that these gains translate into better living standards for Nigerians, but we should still acknowledge progress when independent global institutions recognise it,” he said.
The organisation also called on state governments to complement reforms at the federal level by increasing investments in human capital and social development, particularly programmes targeted at young Nigerians.
“We therefore urge the subnationals to deepen investments in human capital and social development at the grassroots, particularly for the youthful Nigerian population,” Shoga said.
He added that the movement welcomed Nigeria’s return to the international market classification as an important milestone for the country.
“On behalf of the City Boy Movement, we commend President Bola Tinubu for staying the course, appreciate the SEC, CBN and capital market stakeholders for their contributions, and congratulate Nigerians on this important milestone,” he stated.
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