*Photo: Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele*
The Federal Government has welcomed the decision by global index provider, FTSE Russell, to reclassify Nigeria’s capital market from “Unclassified” to Frontier Market status, effective from the opening of trading on September 21, 2026.
The Federal Ministry of Finance, in a statement signed by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Friday, described the development as an important validation of the government’s macroeconomic and structural reform programme.
Nigeria was excluded from the FTSE Russell Frontier Market universe in September 2023 following persistent challenges relating to capital repatriation and foreign exchange execution, which made the market difficult for international investors to access.
According to the ministry, the latest reclassification follows sustained improvements in foreign exchange liquidity, capital repatriation and overall market accessibility.
It said the development signals renewed international confidence in Nigeria’s capital market and provides a foundation for the next phase of its development.
The statement quoted Oyedele as saying the reclassification was “a milestone, not a destination,” stressing that the government’s ambition was to develop a capital market sufficiently deep, liquid and competitive to attain Emerging Market status in the near term.
“The reclassification is an important validation of Nigeria’s reform trajectory and a foundation for the next phase of the country’s capital market development.
“It is a meaningful signal to global capital that our market is open, orderly and improving,” he said.
The minister 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 collaboration in restoring Nigeria’s standing among global index providers.
He said their efforts in regulatory reforms, modernisation of market infrastructure and investor engagement had contributed significantly to the country’s return to the Frontier Market category.
Oyedele said the Federal Government would continue working with market regulators and institutions to deepen liquidity, broaden market participation and strengthen investor protection.
He added that the government remained committed to policies designed to enhance the depth, transparency and global competitiveness of Nigeria’s capital market as part of its broader economic transformation agenda.