Nigeria is in advanced discussions with JP Morgan to rejoin its Government Bond Index, a move aimed at boosting investor confidence, according to the Director-General of the Debt Management Office (DMO), Patience Oniha.

Speaking at the Nigerian Investors’ Forum on the sidelines of the World Bank/IMF Spring Meetings, Oniha said recent reforms, particularly in the foreign exchange market, have strengthened Nigeria’s eligibility for re-entry.

She cited improved credit ratings from agencies like Fitch, which recently upgraded Nigeria’s Long-Term Issuer Default Rating to ‘B’ from ‘B-’, along with similar upgrades for nine major Nigerian financial institutions. These upgrades reflect growing confidence in Nigeria’s economic reforms, including FX liberalisation, monetary tightening, and removal of fuel subsidies.

Nigeria was removed from the JP Morgan index in 2015 over concerns about capital controls and lack of FX market transparency. Its return would signal renewed investor trust and open the door to significant foreign capital inflows.