Nigeria Achieves Frontier Market Status by FTSE Russell

The Federal Ministry of Finance has welcomed FTSE Russell's decision to reclassify Nigeria's capital market from "Unclassified" to "Frontier Market" status, effective from the open of trading on September 21, 2026. This reclassification comes nearly three years after Nigeria was excluded in September 2023 due to challenges in capital repatriation and foreign exchange execution that made the market inaccessible to international investors.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated that the reclassification is a validation of Nigeria's reform trajectory and a foundation for future capital market development. It signals to global capital that Nigeria's market is open and improving.

The Ministry commended various organizations, including the Securities and Exchange Commission, Central Bank of Nigeria, and Nigerian Exchange Group, for their collaborative efforts in regulatory reform and market modernization, which were crucial in restoring Nigeria's standing among global index providers.