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FTSE RUSSELL
Nigeria is targeting inclusion in MSCI's Emerging Markets classification rather than settling for a return to Frontier Market status, as the Federal Government seeks to attract deeper international investment into the country's capital market.
Nigerian billionaire and Chairman of First HoldCo Plc, Femi Otedola, has praised President Bola Tinubu’s economic reforms, saying the measures have placed Nigeria’s economy on a path of sustainable growth.
SEC attributed the reclassifications of Nigerian securities indices by FTSE-Russell and MSCI to the present fx liquidity challenges.
Nigeria's stock market took a dramatic plunge to start the week, erasing the gains of the prior week, as FTSE Russell, the global index provider, downgraded the Nigerian Stock Exchange from "Frontline" to "Unclassified Market."