…says monitoring market development

In a significant nod to Africa’s most populous economy, S&P Dow Jones Indices (S&P DJI) has officially placed Nigeria on its 2027 watchlist for a potential upgrade from “Standalone” to Frontier Market status.

The decision follows a series of modernising regulatory reforms aimed at boosting market transparency, tightening enforcement, and enhancing overall market integrity.

While S&P DJI acknowledged these structural improvements, the index provider emphasised that consistency in policy application and sustained operational resilience will be critical over the remainder of 2026.

This trial period will ultimately determine if Nigeria officially rejoins the global benchmark index during next year’s annual classification review.

S&P DJI also noted that the Nigerian regulatory environment has modernised to improve transparency, enforcement,  and market integrity.

“While these reforms are intended to support a structurally more accessible market, consistency in policy application and operational resilience are required for reclassification.

Related News

“Consequently, S&P DJI places Nigeria on its 2027 Watchlist and will closely monitor developments for the remainder of 2026 and potentially consider Nigeria’s status for reclassification to Frontier from Standalone in conjunction with next year’s Country Classification review”, it said.

S&P Dow Jones Indices (S&P DJI) conducts an annual country classification review on markets where material developments could potentially lead to a classification  change.

To provide further transparency, S&P DJI also maintains and publishes a watchlist of markets that are being monitored for potential classification changes, Nigeria inclusive.

An update announcement provides a summary of actions that S&P DJI is currently considering regarding markets identified for potential classification review for 2027.

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500 and the Dow Jones Industrial Average.

More assets are invested in products based on its indices than products based on
indices from any other provider in the world.

Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets

More from our Markets Column
Read Next
Abdul Samad Rabiu’s direct equity yields N189bn BUA Cement dividend

Why BUA Foods ticker only dances to the Abdul Samad tune

By Iheanyi Nwachukwu • July 8, 2026

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp