Nigeria has rejoined a major JP Morgan bond index more than a decade after it was removed, marking a significant milestone in the country’s efforts to attract foreign investment and strengthen confidence in its financial markets.

The development follows years of reforms aimed at improving foreign exchange market liquidity, enhancing market transparency and increasing investor access to Nigerian financial assets. Nigeria was removed from the index in 2015 due to concerns over foreign exchange restrictions and market accessibility.

Financial analysts believe the country’s return to the benchmark could boost investor interest in Nigerian government securities and encourage greater inflows of foreign capital into the domestic bond market.

The inclusion is expected to improve Nigeria’s visibility among global fund managers who track major bond indices when making investment decisions. Increased participation by international investors could also deepen the local bond market and support government financing efforts.

Officials have previously stated that recent reforms in the foreign exchange market and improvements in market operations helped position the country for re-entry into the index.

Economists say the development reflects growing confidence in Nigeria’s economic reforms and could contribute to stronger capital inflows, improved market liquidity and enhanced investor sentiment in the coming years.