Nigeria Reclassified to Frontier Market by FTSE Russell

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, has welcomed Nigeria's reclassification to Frontier Market status by FTSE Russell, effective from the opening of trading on September 21, 2026. This decision marks Nigeria's return to the global Frontier Market universe nearly three years after its exclusion in September 2023, attributed to persistent challenges with capital repatriation and foreign exchange execution.

The reclassification is a result of improvements in foreign exchange liquidity, capital repatriation, and market accessibility, reflecting the impact of the Federal Government's macroeconomic and structural reform program. Oyedele emphasized that this milestone validates Nigeria's reform trajectory and aims to build a capital market competitive enough to achieve Emerging Market status in the near future.

The statement acknowledged the collaborative efforts of various organizations, including the Securities and Exchange Commission and the Central Bank of Nigeria, in restoring Nigeria's standing among global index providers. The Federal Government remains committed to enhancing the capital market's depth and competitiveness.