The Federal Government has welcomed confirmation by global index provider FTSE Russell that Nigeria’s capital market will be reclassified from “Unclassified” to “Frontier Market” status.
The reclassification will take effect from the opening of trading on Monday, September 21, 2026, marking Nigeria’s return to the global Frontier Market universe nearly three years after its exclusion.
Nigeria was removed from the classification in September 2023 following persistent challenges with capital repatriation and foreign exchange execution, which made the market difficult for international investors to access.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the latest decision reflected sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility.
“The reclassification follows sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility, and reflects the cumulative impact of the Federal Government’s macroeconomic and structural reform programme,” Oyedele said in a statement on Friday.
He described the development as an important validation of Nigeria’s reform trajectory and a foundation for the next phase of the country’s capital market development.
Oyedele said the decision also sent a positive signal to international investors about the direction of Nigeria’s capital market.
“It is a meaningful signal to global capital that our market is open, orderly and improving. It reflects years of disciplined work across government and the private sector to restore confidence in our economy. We see this as a milestone, not a destination,” he said.
The minister said Nigeria’s ambition remained to build a capital market that is deep, liquid and competitive enough to achieve “Emerging Market” status in the near term.
He commended the Securities and Exchange Commission, the Central Bank of Nigeria, the Nigerian Exchange Group, the Central Securities Clearing System and other capital market operators and stakeholders for their contributions to the development.
According to Oyedele, their coordinated efforts in regulatory reform, market infrastructure modernisation and investor engagement were central to restoring Nigeria’s standing among global index providers.
The minister reaffirmed the Federal Government’s commitment to working with market regulators and institutions to deepen liquidity, broaden participation and strengthen investor protection.
He said the medium-term objective was to position Nigeria for progression from Frontier Market to Emerging Market status.
The Ministry of Finance, he added, would continue to support policies aimed at improving the depth, transparency and global competitiveness of Nigeria’s capital market as a key pillar of the country’s economic transformation agenda.