Nigeria’s Return to FTSE Frontier Index Shows Reform Gains, City Boy Movement Says

The City Boy Movement, a pro-President Bola Tinubu support group, has described Nigeria’s return to the FTSE Russell Frontier Market Index as evidence of growing investor confidence and the impact of ongoing economic reforms.

The group said the reclassification reflects improvements in the foreign exchange market and broader measures aimed at strengthening Nigeria’s investment environment. According to the organisation, the development marks a significant turnaround from the challenges that previously hindered foreign investors’ ability to access and repatriate funds.

Speaking on the development, the Director-General of the City Boy Movement, Francis Shoga, said Nigeria’s return to the global benchmark highlights progress made in restoring market stability and improving conditions for international investors. He noted that the recognition by a leading global index provider points to increasing confidence in the country’s financial system and capital market reforms.

The group commended economic managers, regulatory agencies and capital market stakeholders for their contributions to the reforms, saying their efforts have helped improve Nigeria’s standing among international investors.

While welcoming the development, the City Boy Movement stressed that the benefits of the reforms should extend beyond the investment community to ordinary Nigerians through economic growth, job creation and improved living standards.

It also called on state governments to complement ongoing reforms by investing more in education, skills development and youth-focused programmes capable of driving long-term economic growth.

The group described the FTSE reclassification as an important milestone for Nigeria’s economy and a sign of renewed international confidence, while urging policymakers to sustain reform efforts and ensure that the gains translate into tangible benefits for citizens.