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 boost to the country’s capital market.
The Federal Ministry of Finance, in a statement issued on Friday, August 28, 2026, said the new classification will take effect from the opening of trading on Monday, September 21, 2026.
Nigeria was removed from the FTSE Russell Frontier Market universe in September 2023 after persistent challenges surrounding foreign exchange transactions and the repatriation of capital made the market difficult for international investors to access.
According to the ministry, the latest reclassification followed improvements in foreign exchange liquidity, capital repatriation and overall market accessibility.
The ministry said the development reflected the impact of the Federal Government’s ongoing macroeconomic and structural reforms.
“The reclassification is an important validation of Nigeria’s reform trajectory and a foundation for the next phase of the country’s capital market development,” the statement said.
The government also described the decision as a positive signal to international investors, noting that it demonstrates that Nigeria’s capital market is becoming more accessible and investor-friendly.
“It is a meaningful signal to global capital that our market is open, orderly and improving,” the ministry stated.
The government, however, stressed that the return to Frontier Market status should be regarded as a milestone rather than the final objective of its reform agenda.
“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 statement added.
The Ministry of Finance commended key institutions and stakeholders, including the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group and Central Securities Clearing System, for their contributions to the development.
It said the collaboration among regulators, market institutions and private-sector operators had been crucial to improving market infrastructure, strengthening regulations and rebuilding the confidence of international investors.
Looking ahead, the Federal Government said it would continue working with regulators and market institutions to deepen liquidity, increase market participation and strengthen investor protection.
The ministry said these measures would support Nigeria’s medium-term objective of progressing from Frontier Market 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,” the statement said.
