The Federal Government has welcomed Nigeria’s reclassification by global index provider FTSE Russell from “Unclassified” to “Frontier Market” status, effective from the opening of trading on Monday, September 21, 2026.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the reclassification validates the country’s ongoing macroeconomic and structural reforms and signals renewed confidence in Nigeria’s capital market.

Nigeria was removed from FTSE Russell’s Frontier Market universe in September 2023 following persistent challenges around foreign exchange execution and the repatriation of capital, which affected the accessibility of the market to international investors.

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

The ministry described the development as an important milestone in Nigeria’s capital market development and an indication to global investors that the country’s market is becoming more open, orderly and accessible.

It, however, stressed that the reclassification was “a milestone, not a destination,” noting that the Federal Government’s broader ambition is to position Nigeria for Emerging Market status in the near term.

The ministry commended the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group, Central Securities Clearing System, capital market operators and other stakeholders for their roles in restoring the country’s standing among global index providers.

It said their efforts in regulatory reforms, modernising market infrastructure and engaging investors had contributed significantly to the reclassification.

The Federal Government also reaffirmed its commitment to measures aimed at deepening market liquidity, expanding participation and strengthening investor protection as part of efforts to make Nigeria’s capital market deeper, more transparent and globally competitive.