By Daniel Oluwatobiloba Popoola
Global index provider FTSE Russell is set to proceed with the reclassification of Nigeria’s equity market from “Unclassified” to “Frontier Market” status, with implementation scheduled to take effect from Monday, 21 September, 2026.
The development was disclosed in a statement by the Presidency on Thursday, 27 August, 2026 via its official X handle recalling that Nigeria was removed from the Frontier Market category in 2023 after international investors faced persistent difficulties accessing foreign exchange and repatriating capital from the country.
According to the statement, FTSE Russell has since acknowledged that foreign exchange queues have been cleared and that international institutional investors are no longer experiencing material delays in repatriating capital from Nigeria.
The Presidency disclosed that the planned return had earlier been placed under further review in June, following Nigeria’s transition to a T+1 settlement cycle, but that the reclassification is now expected to proceed as scheduled, following clarification by the Securities and Exchange Commission that foreign investors are not required to prefund trades.
The statement described Nigeria’s return to the FTSE Frontier indices as another important signal of improved foreign exchange market functioning, stronger market accessibility and renewed international investor confidence in the Nigerian economy.
“Under President Bola Tinubu’s leadership, Nigeria is returning to global investment benchmarks,” the statement read.
