Business News
Nigeria returns to frontier market status after FTSE Russell review
Global index provider FTSE Russell has reclassified Nigeria’s capital market from “Unclassified” to “Frontier Market” status.
The new classification will take effect from the opening of trading on September 21, 2026.
The development was welcomed by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who described the move as a major endorsement of the Federal Government’s economic reform programme.
Oyedele said the reclassification also sends a strong signal of renewed investor confidence in Nigeria’s capital market and economy.
Nigeria lost its Frontier Market status in September 2023, largely due to persistent difficulties faced by foreign investors in repatriating capital and accessing foreign exchange.
In a statement issued yesterday, Oyedele said the latest reclassification followed sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility.
According to him, the development reflected the cumulative impact of the government’s macroeconomic and structural reform programme.
“The reclassification follows sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility, and reflects the cumulative impact of the Federal Government’s macroeconomic and structural reform programme,” he said.
Oyedele said the decision validated Nigeria’s reform trajectory and provided a strong foundation for the next phase of capital market development.
“It sends a meaningful signal to global investors that our market is open, orderly and steadily improving,” he added.
The minister said the government regarded the development as a milestone rather than the destination, noting that its ambition was to build a deep, liquid and competitive capital market capable of attaining Emerging Market status in the near term.
Oyedele commended the Securities and Exchange Commission, SEC; Central Bank of Nigeria, CBN; Nigerian Exchange Group, NGX Group; Central Securities Clearing System, CSCS; and other capital market operators and stakeholders for their collaboration in achieving the milestone.
He said their coordinated efforts in regulatory reforms, market infrastructure modernisation and investor engagement had contributed to restoring Nigeria’s standing among global index providers.
The minister reaffirmed the Federal Government’s commitment to working with market regulators and institutions to deepen market liquidity, broaden investor participation and strengthen investor protection.
He said the medium-term objective was to secure Nigeria’s progression to Emerging Market status.
“The Ministry will continue to support policies that enhance the depth, transparency and global competitiveness of Nigeria’s capital market as a key pillar of the nation’s economic transformation agenda,” Oyedele said.
Follow Us on Google Discover
Panic in Rivers community as pipeline explosion injures 20, razes over 50 houses
‘I love Islam, I’ve sent people to Mecca to pray for me, Nigeria for 25 years’ – Akpabio
FAAC distributes N2.43trn among FG, states, LGs for September
‘You Betrayed Osun People’ — Adeleke, Davido face backlash over support for Tinubu
Senate launches probe into Corps member’s death at Enugu NYSC camp
Umahi reopens first Niger bridge after emergency repairs, displays Tinubu’s photos
Former NPA Managing Director Aminu Dabo resigns from APC
Ex-Senator Bello Mandiya’s body found in Abuja home three days after he slipped, hit his head in the bathroom
‘No plan to raise electricity tariff’ – FG assures Nigerians
FUTIA gets NUC approval to offer 12 new degree programmes
INEC refutes claims of missing voters’ register in Lagos wards
Fuel scarcity hits Kebbi as filling stations shut after NNPC price cut
Tension mounts as NLC rejects FG’s response to 14-day ultimatum
Over 10 soldiers, four civilians feared dead as Boko Haram terrorists attack Borno military base
BREAKING: Headline inflation drops to 14.63% in September, third consecutive decline
NDDC opens applications for 2026/2027 local Master’s Scholarship – Apply Now
INEC sets October 24 deadline for parties to challenge missing 2027 candidates
Popular gospel singer Toluwanisings is dead
Peter Obi has no path to victory in 2027, says APGA Chairman
BREAKING: EFCC reopens investigation into Atiku following petition by ex-Lawmaker
‘If you attempt suicide, make sure you die’ — Akpabio sparks outrage over suicide bill
2027: Atiku, Obi, Makinde, Adebayo, Duke hold talks with six opposition parties
2027: ‘I won’t go to every state with you’ — Tinubu tells APC campaign team
I will make life affordable, provide better security if elected – Atiku urges Nigerians to get their PVCs, vote out Tinubu
IMF warns Nigeria against restoring petrol subsidy, recommends support for vulnerable households
2027: ‘There is no rift between Wike and APC governors, both sides are united’ – Morka reveals
AI, Cryptocurrencies making terrorism harder to tackle – Ribadu
Ex-Senator Bello Mandiya’s body found in Abuja home three days after he slipped, hit his head in the bathroom
How to check if your phone is NCC-approved to avoid network blockage
