The Federal Ministry of Finance has confirmed that Nigeria’s capital market will be reclassified from “Unclassified” to “Frontier Market” status by global index provider FTSE Russell, effective from the open of trading on Monday, 21 September 2026.
The decision marks Nigeria’s return to the global Frontier Market universe, nearly three years after its exclusion in September 2023, when persistent difficulties in capital repatriation and foreign exchange execution made the market inaccessible to international investors.
The reclassification follows sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility, and reflects the cumulative impact of the Federal Government’s macroeconomic and structural reform programme.
In a statement issued on Friday, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, described the development as an important validation of Nigeria’s reform trajectory and a foundation for the next phase of the country’s capital market development.
“This is a meaningful signal to global capital that our market is open, orderly and improving,” the Minister said. “It reflects years of disciplined work across government and the private sector to restore confidence in our economy. We see this as a milestone, not a destination. Our ambition remains to build a capital market that is deep, liquid and competitive enough to earn Emerging Market status in the near term.”
The Ministry commended the Securities and Exchange Commission, the Central Bank of Nigeria, the Nigerian Exchange Group, the Central Securities Clearing System, and all capital market operators and stakeholders for their sustained collaboration in achieving this outcome. Their coordinated efforts spanning regulatory reform, market infrastructure modernisation and investor engagement have been central to 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 liquidity, broaden participation and strengthen investor protections, with the medium-term goal of positioning Nigeria for progression to Emerging Market status.
The Ministry stated that it 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.
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