NGX Group CEO says FTSE Russell reclassification creates opportunity to deepen Nigeria’s capital market

The confirmation of Nigeria’s return to FTSE Russell’s Frontier Market universe creates an opportunity to deepen the country’s capital market, broaden international participation and mobilise more long-term capital for Nigerian businesses, Temi Popoola, group managing director/chief executive officer of NGX Group, has said.

FTSE Russell confirmed on Thursday, August 27, 2026 that Nigeria’s reclassification from Unclassified to Frontier Market status will proceed from the market open on Monday, September 21, 2026.

The confirmation follows an additional assessment of Nigeria’s transition from a T+2 to T+1 settlement cycle, after market participants raised concerns that the change could effectively result in a de facto prefunding requirement for international institutional investors.

Following engagement with Nigerian market authorities and feedback from the FTSE Equity Country Classification Advisory Committee, FTSE Russell confirmed that no material settlement, operational or funding issues had been observed since the implementation of T+1.

For Popoola, the significance of the decision extends beyond Nigeria’s return to an international market classification. He said the priority now is to translate renewed global visibility into deeper participation, stronger liquidity and greater capital formation.

“This is an important moment for Nigeria’s capital market. But the real significance of returning to Frontier Market status is the opportunity it creates for the next phase of our market’s development. We have to turn greater international visibility into broader participation, deeper liquidity and more capital for Nigerian businesses. That is the opportunity before…