Nigeria’s capital market will return to the global Frontier Market universe on September 21, 2026, after FTSE Russell reclassified the country from “Unclassified” to Frontier Market status.
The reclassification will take effect from the opening of trading on Monday, September 21, according to the Federal Ministry of Finance in a statement issued on Friday.
Nigeria was removed from the FTSE Russell classification in September 2023 following persistent difficulties with foreign exchange execution and capital repatriation, which affected international investors’ ability to access the market.
The latest decision reflects improvements in foreign exchange liquidity, capital repatriation and market accessibility following the Federal Government’s macroeconomic and structural reforms, the ministry said.
The return to the FTSE Russell Frontier Market status is expected to enhance Nigeria’s visibility among global investors and could support increased foreign portfolio participation, deeper market liquidity and greater access to international capital.
The ministry described the development as a validation of the country’s reform trajectory and a milestone in efforts to rebuild confidence in Nigeria’s financial markets.
It, however, stressed that the reclassification was “a milestone, not a destination,” with the government targeting a deeper, more liquid and competitive capital market capable of advancing to Emerging Market status.
The ministry commended the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group, Central Securities Clearing System, capital market operators and other stakeholders for their role in improving market infrastructure, regulation and investor engagement.
It said the Federal Government would continue working with market regulators and institutions to deepen liquidity, broaden domestic and international participation, strengthen investor protection and improve the transparency and efficiency of the capital market.
The development represents another milestone in the government’s broader efforts to restore Nigeria’s position in global financial markets and create an environment capable of attracting greater long-term investment.
