Nigeria’s return to FTSE Frontier Market validates Tinubu reforms, says City Boy Movement

The City Boy Movement has described Nigeria’s return to FTSE Russell’s Frontier Market status as a validation of the economic reforms implemented by President Bola Ahmed Tinubu’s administration.

FTSE Russell is set to reclassify Nigeria from “Unclassified” to “Frontier Market” status from September 21, 2026, according to the organisation.

Nigeria was removed from the classification in September 2023 amid challenges with foreign exchange access and the repatriation of capital by foreign investors.

The Director-General of the City Boy Movement, Francis Oluwatosin Shoga, said the reclassification represented a significant improvement in the country’s investment environment.

“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,” Shoga said.

“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.”

Shoga said the development amounted to measurable progress independently assessed by a major global index provider.

“That is measurable progress, independently assessed by one of the world’s leading index providers,” he said.