Nigeria will be upgraded from “unclassified” to “frontier market” status by FTSE Russell, effective at the open of trading on Monday, September 21, 2026.
The announcement was made in the firm’s March 2026 interim review, in line with its annual frontier market assessment and the semi-annual Global Equity Index Series (GEIS) review.
The upgrade follows Nigeria’s 2023 downgrade to “unclassified,” when FTSE Russell cited foreign exchange restrictions and low liquidity that hindered international investors from entering and exiting positions.
At that time, the market did not meet the minimum criteria for inclusion in global indices.
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Recent interventions by the Central Bank of Nigeria (CBN), including measures to improve foreign exchange liquidity and clear transactional backlogs, have helped restore investor confidence.
With frontier market status, Nigerian equities will now be eligible for inclusion in FTSE frontier indices, potentially attracting increased foreign investment.
In the same review cycle, Greece will be promoted from “advanced emerging” to “developed market” status, reflecting broader shifts in global market accessibility and investor readiness.
“Nigeria will be reclassified from Unclassified to Frontier market status, with the change effective from the open on Monday, September 21, 2026,” FTSE Russell said, highlighting improvements in market accessibility and investor confidence.