The CityBoy Movement, a leading Nigerian youth advocacy group on Thursday lauded President Bola Tinubu after FTSE Russell moved to restore Nigeria to its Frontier Market classification.
The group called the decision an external validation of the administration’s economic reforms.
FTSE Russell said it will reclassify Nigeria from “Unclassified” to “Frontier Market,” effective September 21, 2026.
Nigeria was removed from the index in September 2023 amid chronic foreign-exchange shortages and barriers to repatriating capital that deterred international investors.
Otega Ogra, Director Media of the group quoted Francis Oluwatosin Shoga, Director-General of the City Boy Movement in a statement as saying “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,”
He said “Three years on, FTSE Russell reports that FX queues have cleared, and international institutional investors no longer face significant delays in repatriating their capital.”
Shoga described the reclassification as “measurable progress, independently assessed by one of the world’s leading index providers,” and credited coordinated actions by the Central Bank of Nigeria, the Securities and Exchange Commission and market participants for restoring investor confidence.
The group urged that the gains be translated into broader social and economic improvements, particularly investments in human capital and services for Nigeria’s youthful population.
“There is still work to be done,” Mr. Shoga said, “but we should acknowledge progress when independent global institutions recognise it.”
The City Boy Movement commended President Tinubu for pursuing the reforms and congratulating Nigerians on the milestone.
