FTSE restores Nigeria to frontier market

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Barbara Bako, Abuja.

FTSE Russell Restores Nigeria to Frontier Market Index
Nigeria has regained its Frontier Market status after FTSE Russell announced it would reclassify the country’s capital market from “Unclassified” to “Frontier Market”, effective September 21, 2026.

The Federal Ministry of Finance said the decision follows improvements in foreign exchange liquidity, easier capital repatriation and increased market accessibility, which have boosted investor confidence in Nigeria’s financial markets.

The country was removed from the Frontier Market Index in September 2023 over challenges linked to foreign exchange transactions and the inability of foreign investors to repatriate funds.

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Reacting to the development, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the reclassification validates the government’s economic reform efforts and signals renewed confidence in Nigeria’s capital market.

The ministry said the Federal Government will continue working with regulators and market institutions to deepen the capital market, strengthen investor protection and position Nigeria for a future upgrade to Emerging Market status.

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