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Nigeria’s capital market will return to the global Frontier Market index after FTSE Russell confirmed its reclassification from “Unclassified” to “Frontier Market” status, effective from the opening of trading on September 21, 2026.
The Ministry of Finance said the decision represents an important step in restoring Nigeria’s position within the global investment community, nearly three years after the country was removed from the Frontier Market universe in September 2023.
Nigeria was excluded from the index after persistent difficulties with foreign exchange execution and the repatriation of investment capital made the market difficult for international investors to access.
The ministry said the latest reclassification follows improvements in foreign exchange liquidity, capital repatriation and overall market accessibility. It attributed the progress to the government’s broader macroeconomic and structural reform programme.
According to the ministry, the decision is “an important validation of Nigeria’s reform trajectory” and signals to international investors that the country’s capital market is becoming more accessible and orderly.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, described the development as a milestone but stressed that it should not be regarded as the end goal.
“We see this as a milestone, not a destination,” Oyedele said, adding that the government’s ambition is to build a capital market that is “deep, liquid and competitive enough to earn Emerging Market status in the near term.”
The ministry credited regulators, market institutions and private-sector operators for contributing to the development. It specifically recognised the Securities and Exchange Commission, the Central Bank of Nigeria, the Nigerian Exchange Group, the Central Securities Clearing System, and other capital market stakeholders for their work on regulatory reforms, market infrastructure, and investor engagement.
The government said it would continue working with regulators and market institutions to deepen liquidity, expand participation and strengthen investor protection.
It also reaffirmed its medium-term objective of moving Nigeria from Frontier Market status to Emerging Market status, while supporting policies designed to improve transparency, market depth and international competitiveness.
The return to the Frontier Market index is expected to strengthen Nigeria’s visibility among international investors and provide a platform for further development of the country’s capital market.
