Nigeria's return to FTSE Frontier Market index validates Tinubu's reforms, says group

Nigeria's impending return to the FTSE Russell Frontier Market index serves as a significant validation of the reforms implemented under President Bola Tinubu, according to the City Boy Movement. This reclassification, scheduled for September 21, 2026, marks Nigeria's transition from an "Unclassified" status back to a Frontier Market, a category it departed in September 2023 amid investor concerns over foreign exchange access and capital repatriation.

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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.

Francis Shoga, Director-General of the City Boy Movement, highlighted this development as an external measure of the improved investment environment since Tinubu assumed office. He noted that upon Tinubu's inauguration, Nigeria's foreign exchange market faced severe pressure, with substantial investor funds trapped within 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," Shoga stated, emphasizing the measurable progress recognized by a leading global index provider.

The group underscored the significance of this reclassification, particularly given that Nigeria's prior removal from the index was directly linked to the difficulties foreign investors encountered in accessing and moving currency out of the country. Shoga attributed the restoration of investor confidence not only to the administration's policies but also to the contributions of the Securities and Exchange Commission, the Central Bank of Nigeria, and other capital market stakeholders.

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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.

However, the City Boy Movement cautioned against viewing this milestone as a final achievement. Shoga stressed the importance of ensuring that these improved market conditions ultimately translate into tangible benefits and better living standards for ordinary Nigerians. He urged state governments and subnational authorities to build upon these reforms by increasing investments in human capital and social development, particularly for the nation's youth. The group commended President Tinubu for his steadfastness and congratulated Nigerians on this significant international recognition.

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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.