Nigeria is aiming for emerging market status after FTSE Russell announced it will restore the country to frontier market classification on September 21, 2026.
Finance Minister Taiwo Oyedele welcomed the move, describing it as a strong validation of the government’s reform efforts and a positive signal to international investors that the Nigerian market is open and improving.
He stressed that the frontier status is not the end goal. The government’s longer-term plan is to build a deeper, more liquid capital market that can eventually achieve emerging market recognition.
Oyedele credited the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group, and other regulators for the progress achieved so far.
Nigeria was removed from the index in 2023 due to foreign exchange challenges. After a detailed review, FTSE Russell confirmed that concerns over the country’s shift to T+1 settlement had been resolved, clearing the way for its return.
