Nigeria will return to Frontier market status in FTSE Russell’s equity market classification framework from September 21, 2026, after the index provider said foreign investors no longer face material delays in repatriating capital or executing foreign-exchange transactions.
FTSE Russell announced the decision in its interim country classification review published on April 7, 2026. Nigeria had been on the watch list since September 2025 after it was moved to Unclassified status in 2023 over delays in capital repatriation and FX transactions.
In its latest review, FTSE Russell said market participants reported that the FX backlog had been cleared and that international institutional investors were no longer facing material delays in moving capital out of the country. It said Nigeria now meets the five Quality of Markets criteria required for Frontier market status.
Reacting to the development, Ayobami Oyalowo, an economist and public policy analyst, said the decision reflects the impact of foreign-exchange reforms introduced under CBN Governor Olayemi Cardoso. He said the reclassification signals growing confidence in Nigeria’s ability to provide easier market access and more reliable exit routes for foreign investors.
FTSE Russell said its next annual country classification announcement will be published on October 6, 2026.
