The Federal Government has welcomed Nigeria’s reclassification from “Unclassified” to “Frontier Market” status by global index provider FTSE Russell. The reclassification will take effect from the opening of trading on Monday, September 21, 2026, nearly three years after Nigeria was removed from the global Frontier Market universe. The Minister of……
The Federal Government has welcomed Nigeria’s reclassification from “Unclassified” to “Frontier Market” status by global index provider FTSE Russell.
The reclassification will take effect from the opening of trading on Monday, September 21, 2026, nearly three years after Nigeria was removed from the global Frontier Market universe.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this in a statement issued on Friday, August 28.
According to Oyedele, Nigeria was excluded from the Frontier Market index in September 2023 following persistent challenges with capital repatriation and foreign exchange execution, which affected the accessibility of the market to international investors.
He said the latest decision followed sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility, adding that it reflected the cumulative impact of the Federal Government’s macroeconomic and structural 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,” Oyedele said.
He added that the development was “a meaningful signal to global capital that our market is open, orderly and improving.”
According to the minister, the reclassification also reflected efforts by the government and private sector to restore confidence in the Nigerian economy.
“We see this as a milestone, not a destination,” he said, stressing that the government’s ambition was to build a capital market capable of attaining Emerging Market status.
“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 added.
The minister commended the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group, Central Securities Clearing System, capital market operators and other stakeholders for their contributions to the development.
He said their collaboration in regulatory reforms, modernisation of market infrastructure and investor engagement had been critical to restoring Nigeria’s standing among global index providers.
Oyedele further said the Federal Government would continue to work with market regulators and institutions to deepen liquidity, expand participation and strengthen investor protection.
He said the medium-term objective was to position Nigeria for progression from Frontier Market 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,” he said.
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