Nigeria’s frontier market return is a reprieve, not a reward — Here’s the policy work still owed

The FTSE announced on August 27, 2026, that Nigeria has been reclassified as a frontier market, a move seen as a reprieve for the country's equities market. However, analysts caution that this status is not a reward but an opportunity that requires significant policy reforms to attract investment. Five regulatory priorities have been identified to deepen the Nigerian Exchange (NGX), including improving market liquidity and corporate governance. Additionally, ten private companies are suggested as potential targets for market listings to boost activity.

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