Nigeria to rejoin FTSE Russell Frontier Market index in 2026, signaling improved investor conditions

This move restores Nigeria to a category it exited in September 2023 due to concerns over foreign exchange access and capital repatriation. The City Boy Movement stated that this reclassification indicates that reforms under President Bola Tinubu have improved conditions for international investors. Francis Shoga, Director-General of the City Boy Movement, highlighted that FTSE Russell's report shows foreign exchange queues have cleared and international institutional investors no longer face significant delays in repatriating capital.

Shoga credited the Securities and Exchange Commission, the Central Bank of Nigeria, and other capital-market stakeholders for their contributions to these reforms and the restoration of investor confidence. He emphasized that while this is measurable progress, the improved market conditions must ultimately lead to better economic outcomes for ordinary Nigerians. Shoga also urged state governments and subnational authorities to build on these reforms by increasing investment in human capital and social development, particularly for young Nigerians.