The City Boy Movement (CBM), a youth advocacy organization, has described Nigeria’s return to FTSE Russell’s Frontier Market status as a strong endorsement of President Bola Tinubu’s economic reforms and efforts to restore investor confidence.
CBM said the reclassification marked a significant vote of confidence in Nigeria’s economy and could boost the country’s visibility among international investors seeking opportunities in frontier markets.
The organization’s Director-General, Francis Shoga, made the assertion in a statement issued by its Deputy Director-General, Media, Communication and Public Affairs, O’tega Ogra, on Thursday in Abuja.
FTSE Russell is set to reclassify Nigeria from “Unclassified” to “Frontier Market” status on Sept. 21, citing improvements in foreign exchange market accessibility and capital repatriation.
The global index provider removed Nigeria from its Frontier Market indices in September 2023 after investors faced difficulties accessing foreign exchange and repatriating capital.
Shoga said the latest decision reflected measurable improvements in Nigeria’s foreign exchange market under the Tinubu administration, particularly in resolving challenges that previously discouraged international investors.
“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,” he said.
Shoga commended the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN) and other capital market stakeholders for their efforts to improve market conditions and rebuild investor confidence.
He, however, stressed that the government must ensure that economic gains translate into better living standards and greater opportunities, especially for young 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 recognize it,” Shoga said.
He also called on state governments to increase investment in human capital and social development, particularly education and skills development, to better equip Nigeria’s youthful population.
“On behalf of the City Boy Movement, we commend President Bola Tinubu for staying the course, appreciate the SEC, CBN and capital market stakeholders for their contributions, and congratulate Nigerians on this important milestone,” he said.
