FTSE Russell will officially upgrade the Nigerian stock market from “Unclassified” to “Frontier Market” status on September 21, ending a rigorous review period and signalling the country’s formal return to the global investment radar. The reclassification is expected to rebuild foreign investor confidence and accelerate cross-border capital inflows into the capital market.
The path to this reclassification started 11 months ago in October 2025 on the back of improved foreign exchange liquidity and easier capital repatriation. However, the transition faced a late-stage review after Nigeria migrated to a T+1 settlement cycle in June 2026. The index provider paused to assess whether the faster clearing timeline would force international institutional investors into unfavourable prefunding arrangements.
To ease these operational concerns, leadership from the Nigerian Exchange Group and the Securities and Exchange Commission (SEC) engaged directly with FTSE Russell and international market participants throughout July. The delegation successfully proved that the new
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