The Federal Government has welcomed Nigeria’s return to Frontier Market status following its reclassification by global index provider FTSE Russell, describing the development as a validation of the reforms implemented by the Tinubu administration.

The Federal Ministry of Finance disclosed this in a statement issued on Friday, August 28, 2026, and signed by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

Nigeria’s capital market was removed from the FTSE Russell Frontier Market universe in September 2023 and classified as ‘Unclassified’ due to persistent challenges with foreign exchange execution and the repatriation of investment capital, which hindered international investors’ access to the market.

Under the latest reclassification, Nigeria will officially regain Frontier Market status from the opening of trading on Monday, September 21, 2026.

The Federal Government said Nigeria’s return to the global Frontier Market universe comes nearly three years after the country was excluded due to challenges with capital repatriation and foreign exchange execution, which hindered international investors’ access to the market.

The Ministry said the reclassification reflects sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility, as well as the cumulative impact of the government’s macroeconomic and structural reforms.

“The reclassification is an important validation of Nigeria’s reform trajectory and a foundation for the next phase of the country’s capital market development. It is a meaningful signal to global capital that our market is open, orderly and improving,” the Ministry said.

The Ministry also commended the Securities and Exchange Commission, the Central Bank of Nigeria, the Nigerian Exchange Group, the Central Securities Clearing System and other capital market operators for their collaboration in restoring Nigeria’s standing with global index providers.

It said their efforts, which included regulatory reforms, modernisation of market infrastructure and enhanced investor engagement, were instrumental to securing the reclassification.

Nigeria’s return to the FTSE Frontier Market Index Series could have significant implications for the Nigerian Exchange (NGX), particularly by raising its visibility among global institutional investors and potentially prompting portfolio rebalancing by funds benchmarked against the index.

The development follows improvements in the country’s foreign exchange market and capital repatriation conditions, as well as the transition to a T+1 settlement regime from June 1. These changes helped address some of the market accessibility concerns that contributed to Nigeria’s exclusion in 2023.