Nigeria Reclassified to Frontier Market by FTSE Russell

The Federal Government of Nigeria announced its approval of the country's reclassification to Frontier Market status by FTSE Russell, effective from the start of trading on September 21, 2026. This decision was communicated in a statement from the Federal Ministry of Finance, signed by Minister Taiwo Oyedele, on August 28, 2026.

Nigeria had previously been classified as 'Unclassified' in September 2023 due to challenges related to foreign exchange execution and capital repatriation, which hindered international investors' access to the market. The reclassification reflects improvements in foreign exchange liquidity, capital repatriation, and market accessibility, attributed to the government's macroeconomic and structural reforms.

The Ministry acknowledged the collaborative efforts of various organizations, including the Securities and Exchange Commission and the Central Bank of Nigeria, in restoring Nigeria's status among global index providers. The reclassification is expected to enhance the visibility of the Nigerian Exchange (NGX) among global institutional investors and may trigger portfolio rebalancing by funds linked to the index.