NGX group says FTSE RUSSELL confirmation opens new chapter for nigeria’s capital market

The NGX Group has announced that FTSE Russell's confirmation that Nigeria will be reclassified from Unclassified to Frontier Market status marks a new chapter for the country's capital market. This reclassification, effective from the open of trading on 21 September 2026, signifies Nigeria's return to the global Frontier Market universe.

The decision follows a process that began in October 2025, when Nigeria was placed on the Watch List for potential reclassification due to improvements in foreign exchange liquidity, capital repatriation, and market accessibility.

FTSE Russell's reclassification decision comes after a settlement cycle transition to T+1 on 1 June 2026, which raised concerns among international institutional investors. To address these concerns, an extensive assessment was conducted involving negotiations between the NGX Group, the Securities and Exchange Commission (SEC), FTSE Russell, and global market participants. The assessments confirmed that no material settlement, operational, or funding issues had arisen since the implementation of the T+1 settlement cycle.

President Bola Ahmed Tinubu was briefed on these developments on 6 August 2026, during a meeting between the NGX Group Board and the President at the Presidential Villa in Abuja. This reclassification enhances Nigeria's visibility within the global investment community, creating opportunities for broader engagement with international institutional investors and deeper market participation.

Temi Popoola, Group Managing Director/Chief Executive Officer of the NGX Group, emphasized the importance of this status for Nigeria's capital market, aiming for increased competitiveness and relevance to the country's economic growth.