The Federal Ministry of Finance has welcomed Nigeria’s reclassification as a Frontier Market by FTSE Russell, describing the development as a major validation of the country’s ongoing economic reforms and a foundation for the next phase of capital market growth.
In a statement personally signed on Friday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the reclassification represents Nigeria’s return to the global Frontier Market universe, nearly three years after the country was removed in September 2023.
Nigeria was previously excluded from the index after persistent challenges with capital repatriation and foreign exchange execution made the market difficult for international investors to access.
Global index provider FTSE Russell announced on Thursday that Nigeria’s capital market would be reclassified from “Unclassified” to “Frontier Market” status, effective from the opening of trading on Monday, September 21, 2026.
The decision follows sustained improvements in foreign exchange liquidity, capital repatriation and overall market accessibility. It also reflects the cumulative impact of the Federal Government’s macroeconomic and structural reform programme.
Oyedele said the development sends a significant signal to global investors that Nigeria’s capital market is becoming more open, orderly and attractive.
“It reflects years of disciplined work across government and the private sector to restore confidence in our economy,” he said.
The minister, however, stressed that the reclassification should be viewed as a milestone rather than the final objective.
“Our ambition remains to build a capital market that is deep, liquid and competitive enough to earn Emerging Market status in the near term,” Oyedele said.
He commended the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group, Central Securities Clearing System, as well as capital market operators and other stakeholders, for their contributions to the development.
According to him, their coordinated efforts in regulatory reform, market infrastructure modernisation and investor engagement have played a central role in restoring Nigeria’s standing among global index providers.
Looking ahead, the Federal Government reaffirmed its commitment to working with market regulators and institutions to deepen market liquidity, expand participation and strengthen investor protection.
Oyedele said these efforts would support the government’s medium-term objective of positioning Nigeria for progression to Emerging Market status.
“The Ministry will continue to support policies that enhance the depth, transparency and global competitiveness of Nigeria’s capital market as a key pillar of the nation’s economic transformation agenda,” he added.