Nigeria regains frontier market status after three years

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Nigeria regains frontier market status after three years

Published on

August 28, 2026

Gong

Finance Minister Taiwo Oyedele announces approval of payments to more than 1,240 contractors as the Federal Government clears over ₦700 billion in verified debts.

Nigeria’s capital market is set to return to the global Frontier Market universe from September 21, 2026, following its reclassification by global index provider FTSE Russell.

The Federal Government announced the development on Friday through a statement by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

FTSE Russell has moved Nigeria from “Unclassified” to “Frontier Market” status, with the change taking effect from the opening of trading on Monday, September 21.

The reclassification comes nearly three years after Nigeria was removed from the Frontier Market index in September 2023 amid challenges with capital repatriation and foreign exchange execution, which affected access for international investors.

According to the Federal Ministry of Finance, the latest decision followed sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility.

Oyedele described the development as an important validation of Nigeria’s economic reform programme and said it would provide a foundation for the next phase of capital market development.

The minister said the government would continue pursuing reforms aimed at building a deeper, more liquid and competitive market.

“We see this as a milestone, not a destination,” Oyedele said, adding that Nigeria’s ambition remained to achieve Emerging Market status in the near term.

The ministry credited the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group, Central Securities Clearing System and other market operators with contributing to the country’s improved standing.

It said regulatory reforms, modernised market infrastructure and increased investor engagement had helped restore Nigeria’s position among global index providers.

The government also reaffirmed its commitment to improving market liquidity, expanding participation and strengthening investor protection.

According to the ministry, Nigeria’s medium-term objective is to progress from Frontier Market to Emerging Market status while improving the depth, transparency and global competitiveness of its capital market.

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