Nigeria Reclassified to Frontier Market by FTSE Russell

The Federal Ministry of Finance has welcomed FTSE Russell's confirmation that Nigeria's capital market will be reclassified from "Unclassified" to "Frontier Market" status, effective September 21, 2026. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, stated that the ministry will continue to support policies enhancing the capital market's depth, transparency, and global competitiveness.

The ministry commended the collaboration of the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigerian Exchange Group (NGXGroup), Central Securities Clearing System (CSCS), and other stakeholders for their efforts in regulatory reform and market modernization. This reclassification marks Nigeria's return to the Frontier Market category nearly three years after its exclusion in September 2023 due to challenges in capital repatriation and foreign exchange execution.

The decision reflects improvements in foreign exchange liquidity and market accessibility, validating Nigeria's reform trajectory and aiming for future progression to Emerging Market status.