The City Boy Movement, Nigeria’s premier youth advocacy organisation, has commended President Bola Ahmed Tinubu for the economic reforms that paved the way for Nigeria’s return to FTSE Russell’s Frontier Market status, describing the development as an important vote of confidence in the Nigerian economy.
According to verified reports, FTSE Russell is proceeding with Nigeria’s reclassification from “Unclassified” to “Frontier Market” status, effective September 21, 2026. Nigeria was removed from the category in September 2023 following difficulties accessing foreign exchange and repatriating capital.
The Director General of the City Boy Movement, Francis Shoga, described the decision as a significant validation of the progress made under the Tinubu administration.
“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 further commended the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN) and capital market stakeholders for their role in strengthening market confidence and supporting the reforms.
“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.