Popoola Says FTSE Russell Reclassification Creates Opportunity to Deepen Nigeria’s Capital Market

Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, has stated that Nigeria's reclassification by FTSE Russell to Frontier Market status presents an opportunity to strengthen the nation's capital market, increase international investment and attract more long-term capital. The reclassification, confirmed on Thursday, 27 August 2026, will take effect from the market open on Monday, 21 September 2026.

This development follows a review of Nigeria's transition from a T+2 to T+1 settlement cycle, which had raised concerns among international investors. Popoola emphasized that the priority now is to leverage Nigeria's renewed global visibility to deepen market participation, enhance liquidity and generate more capital for local businesses.

The process for reclassification, which began in October 2025, involved improvements in foreign exchange liquidity, capital repatriation and market accessibility. Following the implementation of T+1 settlement on 1 June 2026, the market demonstrated no material issues, validating its operational resilience. The Federal Government and various stakeholders have acknowledged the milestone as a step towards a more competitive and relevant capital market for Nigeria's economic growth.

The next phase of development will depend on continued support from the government, the Securities and Exchange Commission and other market participants.