FG sets sights on Emerging Market status as reforms boost market accessibility
By Abiodun Folarin
WorldStage— Nigeria is set to regain its place in the global Frontier Market universe after FTSE Russell approved the reclassification of the country’s capital market from “Unclassified” to “Frontier Market” status.
The new classification takes effect from the opening of trading on September 21, 2026, marking Nigeria’s return to the index nearly three years after it was removed in September 2023.
The Federal Government said the development reflects significant improvements in foreign exchange liquidity, capital repatriation and the overall accessibility of the Nigerian market to international investors.
In a statement, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the decision as a major endorsement of the government’s ongoing macroeconomic and structural reforms.
According to Oyedele, the reclassification represents an important step in rebuilding Nigeria’s position in the global investment community.
“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,” he said.
He noted that the development provides a positive signal to global investors about the direction of the Nigerian market.
“It is a meaningful signal to global capital that our market is open, orderly and improving,” the minister said.
Oyedele, however, said the government would not regard the Frontier Market classification as the end of its reform efforts, stressing that Nigeria’s ultimate objective is to achieve Emerging Market status.
“We see this as a milestone, not a destination. Our ambition remains to build a capital market that is deep, liquid and competitive enough to earn Emerging Market status in the near term,” he said.
The minister attributed the latest development to sustained efforts by government institutions and private sector stakeholders to rebuild investor confidence and improve the functioning of the capital market.
He specifically 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 contributions to the process.
According to him, reforms covering market regulation, infrastructure modernisation and engagement with investors were central to Nigeria’s return to the FTSE Russell Frontier Market classification.
The Federal Government said it would build on the development by working with regulators and market institutions to deepen liquidity, broaden participation and strengthen investor protection.
It also reaffirmed its commitment to policies that would enhance the transparency, depth and global competitiveness of Nigeria’s capital market.
The government said the measures form part of its broader economic transformation agenda, with the capital market expected to play a stronger role in mobilising domestic and international capital for economic growth.
