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From Juliana Taiwo-Obalonye, Abuja
THE City Boy Movement has hailed President Bola Tinubu over Nigeria’s planned return to FTSE Russell’s Frontier Market status after a three-year absence, describing the development as an independent validation of the administration’s economic reforms.
Director-General of the movement, Francis Shoga, said the reclassification demonstrated that measures taken by the Tinubu administration were beginning to address structural problems in the foreign exchange market that had undermined investor confidence.
FTSE Russell is set to reclassify Nigeria from “Unclassified” to “Frontier Market” status effective September 21, 2026, three years after the country was removed from the global investment classification.
Nigeria was downgraded in September 2023 following persistent foreign exchange difficulties that made it difficult for international institutional investors to access foreign currency and repatriate investment proceeds.
Shoga, in a statement issued by the movement’s Deputy Director-General, Media, Communications and Public Affairs, O’tega Ogra, said the significance of Nigeria’s return went beyond the classification itself.
“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,” he 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.”
According to Shoga, the decision represented an important external assessment of improvements in Nigeria’s foreign exchange and investment environment.
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“That is measurable progress, independently assessed by one of the world’s leading index providers,” he said.
The movement also commended the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) and other capital market stakeholders for their contributions to the reforms and efforts to restore market confidence.
Shoga, however, acknowledged that significant economic challenges remained, stressing that improvements in investor confidence must ultimately translate into tangible benefits for 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,” he said.
He urged state governments to complement Federal Government reforms by increasing investments in human capital and social development, particularly at the grassroots.
“We therefore urge the subnationals to deepen investments in human capital and social development at the grassroots, particularly for the youthful Nigerian population,” Shoga said.
The movement said the FTSE decision should encourage Nigeria to sustain reforms aimed at improving the investment climate and attracting global capital.
“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,” he added.
