Nigeria Reclassified to FTSE Russell Frontier Market Status

FTSE Russell confirmed on August 27, 2026, that Nigeria will be reclassified from Unclassified to Frontier Market status, effective September 21, 2026. This decision follows an assessment of Nigeria's transition from a T+2 to T+1 settlement cycle, addressing concerns from international institutional investors.

Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, stated that this reclassification creates an opportunity to deepen Nigeria's capital market, enhance international participation, and mobilize long-term capital for businesses. The process began in October 2025 when Nigeria was placed on FTSE Russell's Watch List due to improvements in foreign exchange liquidity and market accessibility.

The transition to T+1 settlement on June 1, 2026, was scrutinized by international investors, leading to engagements between NGX Group, SEC, and FTSE Russell to ensure alignment with international best practices. Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, described the reclassification as a milestone in Nigeria's capital market development.