Nigeria Returns to FTSE Russell Frontier Market Status

Nigeria’s capital market is set to return to the global Frontier Market index after FTSE Russell confirmed its reclassification from “Unclassified” to “Frontier Market” status.

The reclassification will take effect from the opening of trading on Monday, September 21, 2026, according to a statement issued by the Federal Ministry of Finance on Friday.

Nigeria was removed from the FTSE Russell Frontier Market universe in September 2023 following challenges with capital repatriation and foreign exchange execution, which affected the accessibility of the Nigerian market to international investors.

The Finance Ministry said the latest decision followed improvements in foreign exchange liquidity, capital repatriation and overall market accessibility, reflecting the impact of the Federal Government’s ongoing macroeconomic and structural reforms.

The ministry described the reclassification as a validation of Nigeria’s economic reform programme and an important step towards attracting greater international participation in the country’s capital market.

It said the government’s medium-term objective is to advance Nigeria from Frontier Market to Emerging Market status by deepening market liquidity, broadening participation and strengthening investor protection.

The ministry commended the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group, Central Securities Clearing System and other capital market operators for their roles in improving market infrastructure, regulatory frameworks and investor engagement.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the government would continue to support policies aimed at improving the depth, transparency and global competitiveness of Nigeria’s capital market.

He added that the Frontier Market reclassification should be viewed as a milestone towards further development rather than an end goal.