The return of Nigeria to FTSE Russell’s Frontier Market index is a significant indication that reforms under President Bola Tinubu have improved conditions for international investors, the City Boy Movement has said.
FTSE Russell is set to reclassify Nigeria from “Unclassified” to “Frontier Market” status on September 21, 2026, restoring the country to a category it left in September 2023 amid concerns over access to foreign exchange and the repatriation of investment capital.
The Director-General of the City Boy Movement, Francis Shoga, said the development provided an external measure of the changes in Nigeria’s investment environment since Tinubu assumed office.
“When our grand patron, President Bola Tinubu, took office, Nigeria’s foreign exchange market was under severe pressure, with billions of dollars in investor funds trapped in the country.
“Three years on, FTSE Russell reports that FX queues have cleared, and international institutional investors no longer face significant delays in repatriating their capital. Nigeria is rejoining the global investment benchmark after being removed.
“That is measurable progress, independently assessed by one of the world’s leading index providers,” he added.
The group said the reclassification was particularly significant because Nigeria’s earlier removal from the index had been linked to difficulties faced by foreign investors in accessing and moving foreign currency out of the country.
Shoga credited the Securities and Exchange Commission, the Central Bank of Nigeria and other capital-market stakeholders with contributing to the reforms and the restoration of investor confidence.
He, however, cautioned against treating the development as an end in itself, saying improved market conditions must ultimately translate into better economic outcomes for ordinary Nigerians.
“There is still work to be done, particularly in ensuring that these gains translate into better living standards for Nigerians, but we should still acknowledge progress when independent global institutions recognise it,” he said.
Shoga also urged state governments and other subnational authorities to build on the reforms by increasing investment in human capital and social development, particularly for young Nigerians.
“We therefore urge the subnationals to deepen investments in human capital and social development at the grassroots, particularly for the youthful Nigerian population,” he said.
He added: “On behalf of the City Boy Movement, we commend President Bola Tinubu for staying the course, appreciate the SEC, CBN and capital market stakeholders for their contributions, and congratulate Nigerians on this important milestone.”
The FTSE decision gives the Tinubu administration a fresh international benchmark against which some of its foreign-exchange and capital-market reforms can be assessed, even as questions remain over how quickly improvements in investor confidence will filter through to households and businesses.
