Nigeria to rejoin frontier market index after FTSE Russell reclassification
Nigeria’s capital market is set to return to the global Frontier Market universe after being reclassified by FTSE Russell. The Federal Government, through Taiwo Oyedele, announced that this change will take effect from the opening of trading on Monday, September 21, 2026. This move comes nearly three years after Nigeria was removed from the index in September 2023. The government views this as a recognition of its recent economic reforms and improvements in market accessibility.
TLDR
- FTSE Russell has reclassified Nigeria from “Unclassified” to “Frontier Market” status, effective September 21, 2026.
- Nigeria was previously removed from the Frontier Market index in September 2023 due to issues with capital repatriation and foreign exchange.
- Taiwo Oyedele described the reclassification as validation of Nigeria’s reform efforts and a foundation for future market development.
- The Federal Ministry of Finance credited regulatory reforms and improved market infrastructure for the positive change.
- The government aims to achieve Emerging Market status in the future, emphasizing continued reforms and market development.
