Just days after FTSE Russell delayed Nigeria’s planned return to its Frontier Market index, S&P Dow Jones Indices (S&P DJI) has put Africa’s largest economy back on course for a potential upgrade, signalling growing confidence that reforms aimed at restoring investor access are beginning to gain international recognition.
S&P said on Wednesday it had placed Nigeria on its 2027 watchlist for possible reclassification from its current Standalone status to Frontier Market, citing regulatory reforms designed to improve market transparency, integrity and accessibility.
The global index provider said it would monitor developments through the remainder of 2026 before making a final decision during its 2027 Country Classification Annual Review.
“The Nigerian regulatory environment has modernized to improve transparency, enforcement, and market integrity,” S&P said in its review.
However, it added that “consistency in policy application and operational resilience are required for reclassification,” making clear that Nigeria’s reforms must prove durable before the country can regain Frontier Market status.
