Nigeria Earns Spot on S&P’s 2027 Frontier Market Watchlist

Nigeria’s capital market has taken a big step forward after S&P Dow Jones Indices placed the country on its 2027 Country Classification Watchlist. This marks the first formal review for an upgrade from Standalone Market status to Frontier Market. According to S&P DJI, this inclusion reflects recent gains in regulation, transparency, enforcement and overall market integrity. While it is not an immediate reclassification, it puts Nigeria under formal review during the 2027 assessment period. Recent reforms led by the Securities and Exchange Commission, the Nigerian Exchange Group and the Central Securities Clearing System have focused on investor protection, faster settlement systems, tokenised securities and deeper derivatives markets. The SEC’s Director-General says maintaining fair, orderly and transparent markets is now a top priority. Bloomberg has also ranked Nigeria’s equity market as the world’s best performer in dollar terms this year, with a 67% return since January. Financial services firms on the Nigerian Exchange drove much of this rally, including Fortis Global Insurance Plc, which posted an estimated 1,400% return in dollar terms.

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