The City Boy Movement (CBM) has commended President Bola Tinubu for the economic reforms that paved the way for Nigeria’s return to FTSE Russell’s Frontier Market status, describing the development as a significant vote of confidence in the Nigerian economy.
The CBM noted that the reclassification of Nigeria from ‘Unclassified’ to ‘Frontier Market’ status, effective September 21, 2026, by the FTSE Russell is also a proof of the administration’s reforms.
Recall that Nigeria was removed from the FTSE Russell classification in September 2023 following challenges surrounding access to foreign exchange and the repatriation of capital by international investors.
Reacting to the development, the Director-General of the City Boy Movement, Francis Shoga, described the development as an important validation of the economic progress recorded under the Tinubu administration.
Shoga said the country inherited a foreign exchange market under severe pressure when President Tinubu assumed office, with billions of dollars in investors’ funds reportedly trapped in Nigeria.
He noted that three years into the administration, FTSE Russell’s assessment indicates that foreign exchange queues have cleared and international institutional investors no longer face significant delays in repatriating their capital.
‘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.
‘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.
‘That is measurable progress, independently assessed by one of the world’s leading index providers,’ Shoga said.
The Director-General also commended the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN) and other capital market stakeholders for their contributions towards strengthening investor confidence and supporting reforms in the financial market.
While acknowledging the significance of the development, Shoga stressed that more work remained to be done to ensure that economic gains translate into improved living standards 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 also urged subnational governments to deepen investments in human capital and social development at the grassroots, particularly for Nigeria’s youthful population.
Shoga, on behalf of the City Boy Movement, commended President Tinubu for ‘staying the course’ with his reform agenda, while appreciating the SEC, CBN and capital market stakeholders for their roles in achieving the milestone.
He congratulated Nigerians on the country’s return to the FTSE Russell Frontier Market classification, describing it as a development capable of further strengthening Nigeria’s position in the global investment landscape.