J.P. Morgan Chase & Co., the United States-based global investment bank, on September 14, 2026, in its Global Index Research report, announced it has added Nigeria to its Government Bond Index-Emerging Markets Edge, marking a notable shift in global investor sentiment towards the country’s debt market.

The move, in which J.P. Morgan adds Nigeria to bond index benchmarks with a 7.4 per cent weighting, places the country among the most significant constituents in the newly structured frontier-market gauge for local-currency government debt.

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According to the report, Nigeria has 16 eligible government bond instruments valued at 17.47 billion dollars included in the index.

The securities carry an average yield to maturity of 17.1 per cent and a duration of 3.38 years, reflecting relatively high returns compared with the broader benchmark average of 10.39 per cent.

The inclusion represents a measured but meaningful comeback for Nigeria, which was removed from J.P. Morgan’s flagship Government Bond Index in September 2015 following concerns over foreign exchange illiquidity, capital repatriation challenges and limited transparency in exchange rate determination.

J.P. Morgan adds Nigeria to bond index calculations through the GBI-EM Edge, a separate benchmark designed for frontier and emerging markets not currently captured in its main Global Diversified index.

The distinction underscores that while progress has been made, Nigeria has not yet fully regained its previous standing in global bond indices.

A decade-long gap between removal and re-entry efforts highlights the impact of reforms undertaken in recent years. Discussions resumed in April 2025 between the Debt Management Office, led by Director-General Patience Oniha, and J.P. Morgan, focusing on improvements in liquidity, transparency and functionality within the foreign exchange market.

The renewed inclusion comes amid signs of stabilisation in Nigeria’s currency performance.

After sharp depreciations of 48.7 per cent in 2023 and 41.9 per cent in 2024, the naira recorded foreign exchange gains of 6.7 per cent in 2025 and 8.1 per cent in 2026 within the review period, a turnaround that may reassure cautious investors.

In a statement accompanying the update, J.P. Morgan noted the rapid expansion of the GBI-EM Edge index, which has grown from 11 markets and 56 billion dollars in 2017 to 26 markets and approximately 328 billion dollars in 2026.

bank said the growth reflects improving access, stronger market infrastructure and rising global appetite for frontier-market debt.

Nigeria’s allocation, close to the index’s maximum country cap of 8 per cent, positions its naira-denominated bonds as a compelling opportunity for international fixed-income investors seeking higher yields, although exchange rate volatility remains a key consideration.

The development also aligns with broader efforts by Nigerian authorities to deepen the domestic bond market and attract foreign participation.

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While challenges persist, the inclusion delivers a powerful signal that reforms are beginning to resonate with global financial institutions and may gradually restore confidence in Africa’s largest economy.