Nigeria Returns to FTSE Russell Frontier Market Status

The Federal Government has welcomed Nigeria’s reclassification from “Unclassified” to Frontier Market status by global index provider FTSE Russell.

In a statement issued on Friday by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the government said the new status will take effect from the opening of trading on September 21, 2026.

Nigeria was removed from the FTSE Russell Frontier Market group in September 2023 because of difficulties with foreign exchange transactions and the repatriation of investors’ funds.

The Federal Ministry of Finance said the country’s return followed improvements in foreign exchange liquidity, capital repatriation and access to the Nigerian capital market.

The ministry described the development as a positive sign of progress in the government’s economic reforms and said it could help restore confidence among international investors.

Oyedele said the reclassification was an important milestone but not the final goal. He said the government wants to develop a deeper and more competitive capital market that can eventually qualify Nigeria for Emerging Market status.

The minister also commended the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group, Central Securities Clearing System and other capital market stakeholders for their efforts.

The government said it would continue to work with relevant institutions to improve market liquidity, increase investor participation and strengthen investor protection.