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City Boy Movement has applauded President Bola Tinubu’s economic reforms following Nigeria’s planned return to FTSE Russell’s Frontier Market status, describing the development as a major validation of efforts to restore confidence in the country’s financial markets.
FTSE Russell is set to reclassify Nigeria from “Unclassified” to “Frontier Market” status, effective September 21, 2026, ending the country’s three-year absence from the global investment classification.
Nigeria was removed from the FTSE classification in September 2023 after persistent foreign exchange challenges made it difficult for international investors to access dollars and repatriate investment proceeds.
Reacting to the development, Director-General of the City Boy Movement, Francis Shoga, said Nigeria’s return to the benchmark demonstrated that reforms undertaken by the Tinubu administration were beginning to address some of the structural challenges that had undermined investor confidence.
Shoga, according to a statement issued by its Deputy Director-General, Media, Communication and Public Affairs, O’tega Ogra, said the significance of the development went beyond the reclassification itself, arguing that Nigeria’s return to the FTSE Frontier Market could strengthen the country’s standing among international institutional investors.
“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 FTSE decision provides an independent assessment of the progress recorded in the 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 City Boy Movement also commended the Securities and Exchange Commission, Central Bank of Nigeria and other capital market stakeholders for their contributions to the reforms and efforts to strengthen market confidence.
Shoga, however, acknowledged that significant challenges remained, stressing that improved investor sentiment 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 called on state governments and other subnational authorities to complement the Federal Government’s economic 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 development should encourage Nigeria to sustain reforms aimed at improving the investment climate and ensuring that the country remains attractive to 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.
