By our Reporter
The Federal Government has welcomed the reclassification of Nigeria’s capital market from “Unclassified” to “Frontier Market” status by global index provider FTSE Russell.
The reclassification will take effect from the opening of trading on Monday, September 21, 2026, marking Nigeria’s return to the global Frontier Market universe nearly three years after it was removed in September 2023.
The Federal Ministry of Finance said the decision followed sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility, describing the development as a validation of the Federal Government’s macroeconomic and structural reform programme.
The Ministry said the reclassification represents an important milestone in the development of Nigeria’s capital market and a positive signal to international investors that the country’s market is becoming more accessible, orderly and competitive.
It said the government’s ambition was to build a deeper, more liquid and competitive capital market capable of attaining Emerging Market status in the near term.
The Ministry commended the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigerian Exchange Group (NGX), Central Securities Clearing System (CSCS), capital market operators and other stakeholders for their collaboration in restoring Nigeria’s position among global index providers.
According to the Ministry, their efforts in regulatory reforms, market infrastructure modernisation and investor engagement contributed significantly to the reclassification.
The government further reaffirmed its commitment to deepening market liquidity, broadening participation and strengthening investor protection, with the medium-term objective of positioning Nigeria for progression to Emerging Market status.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the reclassification should be seen as a milestone rather than a destination, stressing that the government would continue to support policies aimed at enhancing the depth, transparency and global competitiveness of Nigeria’s capital market.
