The Alliance for Economic Research and Ethics (AERE) Ltd/Gte has commended the inclusion of Nigeria on the FTSE Russell Watch List for potential reclassification as a frontier market, describing the development as a landmark moment in Nigeria’s economic recovery and global reintegration.

In a statement signed by the Chairman of AERE, Dele Kelvin Oye, the organisation said the move represents “a significant step toward rebuilding Nigeria’s credibility in the global capital markets.

“Nigeria’s inclusion on the FTSE Russell Watch List is a vote of confidence in the ongoing fiscal and monetary reforms of the Federal Government and the Central Bank of Nigeria (CBN). It signals a renewed trust in our economy’s direction, but it must be sustained through discipline and consistency.”

He attributed this positive development to a combination of wide-ranging policy measures undertaken by the President Bola Ahmed Tinubu-led administration.

Oye, who was the 22nd President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the immediate past chairman of the Organised Private Sector of Nigeria, said the implications of Nigeria’s inclusion on the watch list are far-reaching and could usher in a new phase of economic growth and investor engagement.

“Increased visibility and attractiveness to global investors: Nigeria’s inclusion on the watch list could restore its visibility to global institutional investors and attract hundreds of millions of dollars in passive inflows from funds benchmarked to FTSE indices,” he said.

On improved market liquidity and transparency, Oye noted: “The reclassification could lead to increased market liquidity and transparency, as well as improved corporate governance and regulatory standards. Nigeria’s reclassification as a frontier market could enhance the country’s credibility and reputation in the global capital markets, making it more attractive to foreign investors.”

On the country’s potential for increased foreign investment, he said if Nigeria is reinstated as a frontier market, its equities would once again be eligible for inclusion in the FTSE Frontier Market Index Series, potentially attracting renewed foreign portfolio inflows into the country.”