FTSE RETURN VALIDATES TINUBU REFORMS – GROUP

The City Boy Movement has described Nigeria’s planned return to the FTSE Russell Frontier Market Index as evidence of progress under President Bola Tinubu’s economic reforms.

FTSE Russell is set to reclassify Nigeria from “Unclassified” to “Frontier Market” status on September 21, 2026, restoring the country to the category it left in 2023 amid concerns over access to foreign exchange and the repatriation of investment capital.

The Director-General of the City Boy Movement, Francis Shoga, said the development represented an external assessment of improvements in Nigeria’s investment environment since the Tinubu administration came into office.

He said Nigeria previously faced significant challenges in its foreign exchange market, including difficulties experienced by international investors seeking to access foreign currency and move capital out of the country.

According to Shoga, the FTSE Russell reclassification indicates that some of those challenges have improved, particularly in relation to foreign exchange accessibility and capital repatriation.

He commended the Central Bank of Nigeria, the Securities and Exchange Commission and other capital market stakeholders for their roles in improving investor confidence and strengthening the country’s financial markets.

Shoga, however, acknowledged that more work remained to be done, particularly in ensuring that economic reforms translate into improved living standards and greater opportunities for Nigerians.

He urged governments at all levels to increase investment in human capital, education and skills development, especially for young people.

The group said Nigeria’s return to the FTSE Russell index could improve the country’s visibility among international investors and potentially support greater foreign portfolio investment.

The development comes as the Federal Government continues to implement economic reforms aimed at improving the foreign exchange market, strengthening fiscal management and creating a more predictable environment for investors.

The City Boy Movement said the FTSE decision should be viewed as an important milestone while urging policymakers to sustain the reforms and ensure that their benefits reach a wider section of the population.