Adedokun Waliyu 
The Federal Government has welcomed confirmation by global index provider FTSE Russell that Nigeria’s capital market will be reclassified from “Unclassified” to “Frontier Market” status.
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 will take effect from the opening of trading on Monday, September 21, 2026.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the reclassification follows sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility.
He said the development reflects the cumulative impact of the Federal Government’s macroeconomic and structural reform programme.
Oyedele described the reclassification as an important validation of Nigeria’s reform trajectory and a foundation for the next phase of the country’s capital market development.
“It is a meaningful signal to global capital that our market is open, orderly and improving,” he 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.”
The minister stated that Nigeria’s ambition remains to build a capital market that is deep, liquid and competitive enough to earn “Emerging Market” status in the near term.
He commended the Securities and Exchange Commission, the Central Bank of Nigeria, the Nigerian Exchange Group, the Central Securities Clearing System, and other capital market operators and stakeholders for their sustained collaboration in achieving the development.
According to him, their coordinated efforts in regulatory reform, modernising market infrastructure and engaging investors have been central to restoring Nigeria’s standing among global index providers.
The Federal Government reaffirmed its commitment to working with market regulators and institutions to deepen liquidity, broaden participation and strengthen investor protection, with the medium-term goal of progressing to Emerging Market status.
The Ministry of Finance will also continue to support policies aimed at enhancing the depth, transparency and global competitiveness of Nigeria’s capital market as a key pillar of the country’s economic transformation agenda.
