The Federal Ministry of Finance has welcomed the confirmation by global index provider FTSE Russell that Nigeria’s capital market will be reclassified from “Unclassified” to “Frontier Market” status, effective from the open of trading on Monday, September 21, 2026.
The reclassification marks Nigeria’s return to the global Frontier Market universe nearly three years after the country was excluded in September 2023, following persistent challenges around capital repatriation and foreign exchange execution that limited access to the market for international investors.
According to the Ministry, the decision reflects sustained improvements in foreign exchange liquidity, capital repatriation and overall market accessibility, as well as the cumulative impact of the Federal Government’s macroeconomic and structural reform programme.
The Ministry described the development as an important validation of Nigeria’s reform trajectory and a foundation for the next phase of capital market development.
It said the reclassification sends a meaningful signal to global investors that Nigeria’s market is open, orderly and improving.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the development reflects years of disciplined efforts by the government and private sector to restore confidence in the Nigerian 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,” Oyedele said.
The Ministry commended the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group, Central Securities Clearing System, capital market operators and other stakeholders for their sustained collaboration in achieving the reclassification.
It noted that their coordinated efforts in regulatory reforms, market infrastructure modernisation and investor engagement had 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 market liquidity, broaden participation and strengthen investor protection.
The Ministry said the medium-term objective is to position Nigeria for progression to Emerging Market status.
It added that it would continue to support policies aimed at enhancing the depth, transparency and global competitiveness of Nigeria’s capital market as a key pillar of the nation’s economic transformation agenda.
