The Federal Government has welcomed Nigeria’s reclassification from “Unclassified” to “Frontier Market” status by global index provider FTSE Russell.
This was contained in a statement issued by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, in Abuja on Friday.
He said that the reclassification would take effect from the opening of trading on Monday, Sept. 21.
The minister said the development marked Nigeria’s return to the global Frontier Market universe, nearly three years after its exclusion in September 2023.
Oyedele said that the country was excluded from the index following persistent difficulties in capital repatriation and foreign exchange execution, which affected international investors’ access to the market.
According to him, the latest decision follows sustained improvements in foreign exchange liquidity, capital repatriation and market accessibility.
He said that the development reflected the cumulative impact of the Federal Government’s macroeconomic and structural reform programme.
The minister described the reclassification as an important validation of Nigeria’s reform trajectory and a foundation for the next phase of capital market development.
Oyedele said that the decision sends a meaningful signal to global investors that Nigeria’s market is open, orderly and improving.
He said that the achievement reflected years of coordinated efforts by government and private-sector stakeholders to restore confidence in the Nigerian economy.
“We see this as a milestone, not a destination.”
Oyedele said the government’s ambition remained to build a deep, liquid and competitive capital market capable of attaining emerging market status.
He commended the Securities and Exchange Commission, Central Bank of Nigeria and Nigerian Exchange Group for their contributions.
The minister also acknowledged the Central Securities Clearing System and capital market operators for their sustained collaboration in achieving the reclassification.
According to him, coordinated efforts in regulatory reforms, market infrastructure modernisation and investor engagement were central to restoring Nigeria’s standing.
Oyedele said that the Federal Government would continue working with regulators and market institutions to deepen liquidity and broaden participation.
The minister pledged to strengthen investor protection while pursuing policies aimed at positioning Nigeria for progression to emerging market status.
He said that the policies would continue to enhance the depth, transparency and global competitiveness of Nigeria’s capital market.
Oyedele described the capital market as one of the key pillars of the nation’s economic transformation agenda.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
