A major milestone for Nigeria’s capital market

Nigeria’s capital market is set to regain Frontier Market status after global index provider.

The reclassification will take effect from the opening of trading on Monday, September 21, 2026, marking Nigeria’s return to the global Frontier Market universe nearly three years after it was removed in September 2023.

Finance and Coordinating Minister of the Economy, Taiwo Oyedele, welcomed the development, describing it as an important validation of Nigeria’s economic and capital-market reform efforts.

According to Oyedele, the decision sends a positive signal to international investors that Nigeria’s market is becoming more accessible, orderly and competitive.

“We see this as a milestone, not a destination,” Oyedele said, stressing that the government’s longer-term ambition is to build a capital market capable of achieving Emerging Market status.

Nigeria was moved from Frontier Market to Unclassified status in 2023, largely because of challenges surrounding foreign-exchange liquidity, capital repatriation and market accessibility for international investors.

Since then, Nigerian authorities and market institutions have implemented a series of reforms aimed at improving market access and investor confidence.

FTSE Russell’s latest decision follows improvements in foreign-exchange liquidity, capital repatriation and overall market accessibility.

The country’s transition from a T+2 to a T+1 settlement cycle on June 1, 2026, also underwent additional scrutiny. Following consultations with market participants, FTSE Russell said it had observed no material settlement, operational or funding problems arising from the new system and confirmed that the reclassification would proceed.