Nigeria’s capital market is set to return to the global Frontier Market universe from September 21, 2026, following its reclassification by global index provider FTSE Russell, the Federal Government has announced.
This was disclosed in a statement issued by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Friday.
FTSE Russell reclassified Nigeria from “Unclassified” to “Frontier Market” status, with the change set to take effect from the start of trading on Monday, September 21.
The reclassification comes nearly three years after Nigeria was dropped from the Frontier Market index in September 2023 over difficulties with capital repatriation and foreign exchange execution, which had made the market inaccessible to international investors.
The Federal Ministry of Finance said the latest decision was driven by “sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility,” describing it as recognition of the impact of the Federal Government’s macroeconomic and structural reforms.
Oyedele described the development as “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,” he said.
The minister noted, however, that the reclassification was not the government’s ultimate goal, stressing that Nigeria would continue pushing toward attaining Emerging Market status.
“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 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 role in the development.
It said their efforts in regulatory reform, modernisation of market infrastructure and investor engagement had been central to restoring Nigeria’s standing among global index providers.
The government also reaffirmed its commitment to working with market regulators and institutions to deepen market liquidity, broaden participation and strengthen investor protection.
According to the ministry, the medium-term goal is to position Nigeria for progression to Emerging Market status while continuing to improve the “depth, transparency and global competitiveness” of the country’s capital market.
