Global index provider, FTSE Russell has reclassified Nigeria’s capital market from unclassified back to Frontier Market status, effective from the opening of trading on Monday, September 21, 2026.
The Federal Ministry of Finance welcomed the decision, which marks Nigeria’s return to the global Frontier Market index nearly three years after its removal in September 2023.
At the time, foreign investors faced severe hurdles, including acute foreign exchange shortages and persistent bottlenecks in capital repatriation.
According to a press statement signed by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the upgrade reflects substantial improvements in foreign exchange liquidity, market accessibility, and capital repatriation driven by the Federal Government’s macroeconomic and structural reform agenda.
The reclassification serves as an important validation of the country’s economic trajectory, sending a strong signal to global investors that Nigeria’s financial market is increasingly open, orderly, and transparent.
The Ministry commended key regulatory and financial institutions including the Central Bank of Nigeria, the Securities and Exchange Commission, the Nigerian Exchange Group, and the Central Securities Clearing System for their coordinated reforms and modernization of market infrastructure.
Oyedele described the upgrade as a milestone rather than a final destination, reaffirming the government’s long-term ambition to deepen market liquidity, expand investor protections, and ultimately transition Nigeria into Emerging Market status.