FG welcomes reclassification, targets Emerging Market status as FX liquidity and capital repatriation improve.
The Federal Government has welcomed Nigeria’s reclassification by global index provider FTSE Russell from “Unclassified” to “Frontier Market” status, describing the development as a major validation of the country’s economic and capital market reforms.
The reclassification, which takes effect from the opening of trading on Monday, September 21, 2026, marks Nigeria’s return to the global Frontier Market universe nearly three years after its exclusion in September 2023.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the decision followed sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility.
Oyedele described the development as a positive signal to international investors and evidence of progress in restoring confidence in Nigeria’s economy.
He said the government’s ambition was to deepen the capital market and position Nigeria for progression to “Emerging Market” status in the near term.
The minister commended the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group, Central Securities Clearing System and other market stakeholders for their role in restoring Nigeria’s standing among global index providers.
He reaffirmed the Federal Government’s commitment to policies aimed at improving market liquidity, expanding participation, strengthening investor protection and enhancing the transparency and global competitiveness of Nigeria’s capital market.