Nigeria’s capital market will return to the global Frontier Market classification following a decision by global index provider FTSE Russell, the Federal Government has announced.

The reclassification will take effect from the opening of trading on Monday, September 21, 2026, according to a statement issued by the Federal Ministry of Finance on Friday.

The development marks Nigeria’s return to the FTSE Russell Frontier Market universe nearly three years after the country was removed from the classification in September 2023.

Nigeria had been excluded after persistent challenges with capital repatriation and foreign exchange execution made the market difficult for international investors to access.

The Ministry said the latest decision followed sustained improvements in foreign exchange liquidity, capital repatriation and overall market accessibility.

It added that the reclassification reflected the cumulative impact of the Federal Government’s macroeconomic and structural reform programme.

According to the ministry, the development represents an important validation of Nigeria’s reform efforts and provides a foundation for the next phase of capital market development.

“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,” the ministry said.

“It is a meaningful signal to global capital that our market is open, orderly and improving.”

The government said its ambition was to develop a deeper, more liquid and competitive capital market capable of achieving Emerging Market status in the near term.

The Ministry of Finance 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 roles in restoring Nigeria’s standing among global index providers.

It said the stakeholders’ efforts in regulatory reforms, modernisation of market infrastructure and investor engagement had contributed significantly to the development.

Looking ahead, the Federal Government pledged to continue working with market regulators and institutions to deepen market liquidity, expand participation and strengthen investor protection.

The ministry said these measures would support Nigeria’s medium-term objective of progressing from Frontier Market to Emerging Market status.

The statement was signed by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.