The FTSE Russell Index Governance Board has accepted the addition of Nigeria to the FTSE Watch Listing for doable reclassification from Unclassified to Frontier market standing.
This determination follows the suggestions acquired from the FTSE Fairness Nation Classification Advisory Committee and the FTSE Russell Coverage Advisory Board for the 2025 evaluation.
The committee and advisory board confirmed from market individuals that the earlier reported delays within the potential to repatriate capital from Nigeria and related overseas trade (FX) queues that resulted in Nigeria being downgraded to Unclassified market standing from September 2023, have been cleared because the starting of 2025.
Learn additionally: FTSE’s Nigeria downgrade hurts stocks
This improvement confirms how traders acknowledge the works of Olayemi Cardoso, CBN governor and Temi Popoola, CEO, NGX Group.
“Nigeria is added to the Watch Listing for doable reclassification from Unclassified to Frontier market standing. Nigeria was reclassified from Frontier to Unclassified market standing from September 2023 as a consequence of vital and on-going delays to the power of worldwide institutional traders to repatriate capital from Nigeria and the execution of overseas trade (FX) transactions.
“Market individuals have reported that the aforementioned FX queues had been cleared and that worldwide institutional traders are now not experiencing any materials delays of their potential to repatriate capital from Nigeria.
“Consequently, as Nigeria meets the 5 FTSE High quality of Markets standards required for attaining Frontier market standing inside the FTSE Fairness Nation Classification scheme, Nigeria is added to the Watch Listing for potential promotion from Unclassified to Frontier market standing.
“FTSE Russell will present an replace on the Watch Listing standing of Nigeria as a part of the FTSE Fairness Nation Classification March 2026 Interim Overview,” the report mentioned.
On the September 2025 advisory committee conferences, FTSE Russell offered an replace on the evaluation of markets in opposition to every of the High quality of Markets standards.
The Watch Listing exists to alert the broader market that in-depth engagement is going down with a market that’s being thought of for a reclassification change and gives a chance for traders to share their expertise of working out there with the intention to plan for a possible classification change.
“We wish to congratulate the Nigerian market authorities on this improvement and stay up for persevering with the engagement course of,” the advisory committee mentioned.
The FTSE Fairness Nation Classification Overview course of incorporates the evaluation of world markets in opposition to a variety of technical standards and considers the perceptions of institutional traders.
Learn additionally: FTSE Russell equity indices: Nigeria gets a downgrade over FX crisis
To make sure transparency and objectivity, the FTSE Fairness Nation Classification course of is supported by FTSE Russell’s exterior advisory committees.
The FTSE Fairness Nation Classification Advisory Committee, which is fashioned of market practitioners with technical experience in disciplines resembling buying and selling, custody and funding administration, and the FTSE Russell Coverage Advisory Board, which represents the views of main international traders, are included within the course of.
A proper annual evaluation of nation classification inside the FTSE international fairness indices is performed each September
utilizing a complete, clear and constant methodology.
This annual evaluation incorporates ongoing fairness nation classification analysis and classifies markets as Developed, Superior Rising, Secondary Rising or
Frontier inside the FTSE international fairness indices.
