Fidelia Soriwei, Abuja
The City Boy Movement has commended President Bola Ahmed Tinubu over Nigeria’s planned return to FTSE Russell’s Frontier Market status, describing the development as a significant boost to investor confidence in the Nigerian economy.
The youth advocacy organisation said the reclassification reflects progress in the country’s foreign exchange market and broader economic reforms under the Tinubu administration.
According to the group, FTSE Russell is set to reclassify Nigeria from “Unclassified” to “Frontier Market” status effective September 21, 2026.
Nigeria was removed from the FTSE Frontier Market category in September 2023 following challenges relating to access to foreign exchange and the repatriation of investment capital.
The Director General of the City Boy Movement, Francis Shoga, said the latest development showed measurable improvements in Nigeria’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.
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,” Shoga said.
He also commended the Securities and Exchange Commission, the Central Bank of Nigeria and other capital market stakeholders for their roles in strengthening market confidence and supporting the reforms.
Shoga, however, acknowledged that further work was required to ensure that economic gains translate into improved living standards, particularly for young 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. We therefore urge the subnationals to deepen investments in human capital and social development at the grassroots particularly for the youthful Nigerian population.
“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,” Shoga stated.
