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By Gloria Ikibah

Nigeria’s capital market is set to return to the global Frontier Market index after FTSE Russell approved its reclassification from “Unclassified” status, nearly three years after the country was removed from the index.

The Federal Ministry of Finance, in a statement issued  on Friday, said the reclassification will take effect from the opening of trading on Monday, 21 September 2026.

Nigeria was excluded from the FTSE Russell Frontier Market universe in September 2023 following persistent challenges around foreign exchange execution and the repatriation of capital, which made it difficult for international investors to operate in the market.

The latest decision, however, follows improvements in foreign exchange liquidity, capital repatriation and overall market accessibility, with the ministry linking the development to the Federal Government’s wider macroeconomic and structural reform programme.

Welcoming the development, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the reclassification as an important endorsement of Nigeria’s reform efforts.

“The reclassification is an important validation of Nigeria’s reform trajectory and a foundation for the next phase of the country’s capital market development. It is a meaningful signal to global capital that our market is open, orderly and improving,” Oyedele said.

He said the development was the result of sustained efforts by both the government and private sector to rebuild investor confidence and improve the functioning of the capital market.

“It reflects years of disciplined work across government and the private sector to restore confidence in our economy. We see this as a milestone, not a destination,” he said.

Oyedele further stated that the government’s ambition was to move beyond Frontier Market status and position Nigeria for Emerging Market classification.

“Our ambition remains to build a capital market that is deep, liquid and competitive enough to earn Emerging Market status in the near term,” he said.

The minister commended key institutions in the financial sector for their role in securing the reclassification, including the Securities and Exchange Commission, Central Bank of Nigeria, Nigerian Exchange Group and Central Securities Clearing System.

He also acknowledged the contribution of capital market operators and other stakeholders, saying their cooperation had been critical to restoring Nigeria’s position with global index providers.

“Their coordinated efforts spanning regulatory reform, market infrastructure modernisation and investor engagement have been central to restoring Nigeria’s standing among global index providers,” Oyedele said.

The return to the Frontier Market index is expected to improve Nigeria’s visibility among international investors and strengthen efforts to attract foreign capital into the domestic market.

The ministry said the reclassification reflected cumulative improvements in the country’s ability to facilitate foreign exchange transactions, allow investors to repatriate capital and provide greater access to the market.

Looking ahead, the Federal Government said it will continue working with financial regulators and market institutions to deepen liquidity, expand participation and strengthen investor protection.

It said the medium-term objective was to secure Nigeria’s progression from Frontier Market status to Emerging Market status.

“The Ministry will continue to support policies that enhance the depth, transparency and global competitiveness of Nigeria’s capital market as a key pillar of the nation’s economic transformation agenda,” the statement said.

The development comes as the Tinubu administration continues to defend its economic reforms, particularly measures aimed at improving foreign exchange liquidity, strengthening public finances and attracting investment.

For Nigeria’s capital market, the FTSE Russell decision represents a significant step towards restoring the country’s international market standing after years of foreign exchange and capital repatriation difficulties.

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Norway’s King Harald V has died at the age of 89, after he was taken to hospital last week for treatment for a rare blood condition.

The palace in Oslo said he passed away peacefully at 06:35 local time (04:35GMT) on Friday at the national hospital in Oslo.

The royal flag on the roof of the palace has been lowered to half-mast.

In the 24 hours leading up to his death, members of the royal family had visited the king, and crowds had laid flowers at the palace.

Harald was Norway’s first king born in Norway since the 14th Century.

He has been succeeded by his son Haakon, 53, who will hold an extraordinary council of state with the government later on Friday.

After 35 years on the throne, Harald will be remembered as a popular and reforming figure who modernised the monarchy, broke with tradition by marrying a commoner and served as a unifying figure at Norway’s most difficult moments.

Royal observers say he was down-to-earth, respected and beloved, describing him as a “grandfather” of the nation and the “People’s king” – a title also used by his father King Olav V.

In the wake of the 2011 bomb and gun attacks on Oslo and the island of Utøya, Harald appealed to Norwegians to support each other and not “let fear take over”.

More recently, Harald and his family faced health challenges and scandal, especially over his daughter-in-law Mette-Marit’s association with the late sex offender Jeffrey Epstein, and her son Marius Borg Høiby’s conviction for rape.

During his reign, the Norwegian monarchy became more egalitarian and transparent with finances and health, Ole-Jørgen Schulsrud-Hansen, historian and TV2 royal correspondent, told the BBC.

Tove Taalesen, royal correspondent for Nettavisen, described the late king as “one of us”, while Caroline Vagle, royal expert for Se og Hør magazine, said he had “always been very close to the people”.

When Norway’s national football team returned from the US after making it to the World Cup quarter-finals for the first time, Harald welcomed them home at the palace.

He is survived by his wife of almost 58 years, Queen Sonja, their daughter Princess Märtha Louise, their son, the new King.

Harald was born on 21 February 1937 on the Skaugum estate near Oslo.

He was three when dictator Adolf Hitler ordered Norway’s invasion by Nazi Germany early in World War Two.

Harald’s mother fled with her children across the border to Sweden, and they travelled to the US on the invitation of President Franklin D Roosevelt.

Prince Harald returned with his family to Norway at the end of the war and completed his school and compulsory military service. He became crown prince in 1957, and studied social science, history and economics at Balliol College in Oxford from 1960 to 1962.

He met Sonja Haraldsen, the daughter of a businessman, at a party, but the crown prince had to wait nine years before he was allowed to marry her. His father, King Olav, had always hoped he would marry a European princess.

Eventually he told his father that if he could not marry Sonja, he would stay single, King Harald told Norway’s public broadcaster.

His father finally gave his consent, and the couple wed in Oslo Cathedral on 29 August 1968.

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A video capturing details of all developmental strides in the Federal Capital Territory by the current administration has been released to put the records straight.

The records are verifiable.

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