Nigeria will return to the FTSE Russell Frontier Market Index from September 21, 2026, following the global index provider’s decision to reclassify the country’s capital market from “Unclassified” to “Frontier Market” status.
The Federal Ministry of Finance, in a statement on Thursday, said the upgrade reflects significant improvements in foreign exchange liquidity, capital repatriation and overall market accessibility, driven by the Federal Government’s ongoing macroeconomic and structural reforms.
Nigeria was removed from the Frontier Market Index in September 2023 after prolonged foreign exchange restrictions and difficulties repatriating capital made the market less accessible to international investors.
The latest decision signals renewed confidence in the country’s investment environment and is expected to improve its visibility among global portfolio investors.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the reclassification as a major milestone in Nigeria’s reform journey and a strong signal that the country’s capital market is becoming more open, orderly and competitive.
He said the government remains focused on building a deeper and more liquid market capable of achieving Emerging Market status in the medium term.
The ministry also commended the Securities and Exchange Commission, the Central Bank of Nigeria, the Nigerian Exchange Group, the Central Securities Clearing System and other capital market stakeholders for their roles in strengthening market infrastructure, regulatory reforms and investor confidence.
It added that the Federal Government will continue working with regulators and market institutions to deepen liquidity, expand investor participation and strengthen investor protection as part of its broader economic transformation agenda.
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