Nigeria placed on S&P frontier watchlist

S&P Dow Jones Indices (S&P DJI) has placed Nigeria on its 2027 watchlist for a potential upgrade from Standalone to Frontier market status, citing improvements in regulatory transparency, enforcement, and market integrity. The decision follows reforms by the Securities and Exchange Commission (SEC), Nigerian Exchange Group (NGX Group), and Central Securities Clearing System (CSCS), including a T+1 settlement cycle and foreign exchange liberalization. While not an immediate upgrade, the watchlist signals growing international recognition. In contrast, London Stock Exchange Group — FTSE Russell recently suspended its own plan to upgrade Nigeria to Frontier status, pending further assessment of the T+1 impact. S&P DJI also placed Indonesia and Turkey on its 2027 watchlist for potential downgrades, while Poland is under review for an upgrade to Developed status and Egypt is being consulted on a possible downgrade from Emerging to Frontier.