The City Boy Movement (CBM) has highlighted Nigeria’s return to FTSE Russell’s Frontier Market status, the clearing of foreign-exchange queues and improved capital repatriation as measurable gains from President Bola Ahmed Tinubu’s economic reforms.
Nigeria is scheduled to move from FTSE Russell’s “Unclassified” category to “Frontier Market” status on September 21, 2026, three years after its removal from the classification in September 2023.
The group said Nigeria’s removal in 2023 was linked to difficulties accessing foreign exchange and repatriating investors’ capital. It noted that FTSE Russell now reports that FX queues have cleared and international institutional investors no longer face significant delays in repatriating their funds.
Director General of the City Boy Movement, Hon. Francis Oluwatosin Shoga, described the development as an independently assessed measure of progress.
“When our grand patron, President Bola Tinubu, took office, Nigeria’s foreign exchange market was under severe pressure, with billions of dollars in investor funds trapped in the country,” Shoga said.
“Three years on, FTSE Russell reports that FX queues have cleared, and international institutional investors no longer face significant delays in repatriating their capital. Nigeria is rejoining the global investment benchmark after being removed.
“That is measurable progress, independently assessed by one of the world’s leading index providers,” he added.
CBM also commended the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN) and other capital-market stakeholders for their contributions to strengthening investor confidence.
Shoga, however, said the gains must translate into improved living standards, urging subnational governments to deepen investments in human capital and social development.
“There is still work to be done, particularly in ensuring that these gains translate into better living standards for Nigerians, but we should still acknowledge progress when independent global institutions recognise it,” he said.
The statement was signed by O’tega Ogra, Deputy Director-General, Media, Communications & Public Affairs, City Boy Movement, on August 27, 2026.