The Federal Government has welcomed FTSE Russell’s decision to reclassify Nigeria’s capital market from “Unclassified” to Frontier Market status, effective from the opening of trading on September 21, 2026.
The reclassification marks Nigeria’s return to the global Frontier Market universe nearly three years after the country was removed from the index in September 2023 over persistent challenges with capital repatriation and foreign-exchange execution, which had made the market difficult for international investors to access.
According to the Federal Ministry of Finance, the latest decision follows sustained improvements in foreign-exchange liquidity, capital repatriation and overall market accessibility.
The ministry described the development as a validation of the Federal Government’s ongoing economic and structural reforms.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, said the reclassification would send a strong signal to international investors that Nigeria’s capital market is becoming more open, orderly and accessible.
He, however, stressed that the development should be viewed as “a milestone, not a destination.”
Oyedele said the government’s broader objective is to develop a deeper, more liquid and competitive capital market capable of attaining Emerging Market status in the near term.
He also 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 securing the reclassification.
The Federal Government said it would sustain its collaboration with market regulators and institutions to deepen liquidity, expand investor participation, strengthen investor protection and enhance transparency.
It added that efforts would continue towards making Nigeria’s capital market more competitive and attractive to investors globally.
