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PRESS RELEASE 𝐉.𝐏. 𝐌𝐨𝐫𝐠𝐚𝐧 𝐋𝐢𝐬𝐭𝐬 𝐅𝐆𝐍 𝐁𝐨𝐧𝐝𝐬 𝐢𝐧 𝐍𝐞𝐰 𝐄𝐦𝐞𝐫𝐠𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭𝐬 𝐁𝐨𝐧𝐝 𝐈𝐧𝐝𝐞𝐱 Abuja, September 14, 2026 — J.P. Morgan, which manages the world's most widely tracked emerging market bond indices, has announced the inclusion of selected Federal Government of Nigeria (FGN) Bonds in its newly introduced Government Bond Index–Emerging Markets Edge (GBI-EM Edge), a benchmark tracking local-currency government debt across frontier emerging markets. The inclusion reflects the impact of the government's economic reforms, including the stabilisation of the naira, the clearance of the foreign exchange backlog, and broader improvements in GDP growth and inflation, which have strengthened investor confidence in Nigeria's domestic debt market. 𝐌𝐞𝐞𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐂𝐫𝐢𝐭𝐞𝐫𝐢𝐚 Nigeria qualified on two key measures: liquidity, with FGN Bonds actively traded under a Two-Way Quote System, and issuance size, with outstanding volumes per tenor well above the USD 250 million minimum required for the GBI-EM Edge. Nigeria's weighting in the index is 7.40%, among the highest of the 26 markets covered and close to J.P. Morgan's 8% maximum country weighting. This inclusion represents Nigeria's return to a J.P. Morgan benchmark for the first time in over a decade, following its exit from the GBI-EM Global Diversified index in 2015 amid foreign exchange liquidity constraints which the current reform agenda has directly addressed. 𝐀 𝐓𝐫𝐚𝐜𝐤 𝐑𝐞𝐜𝐨𝐫𝐝 𝐨𝐟 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 FGN Bonds were first included in the GBI-EM in 2012, a milestone that drew significant foreign investment into Nigeria's domestic securities market and reduced the cost of issuance by approximately 200 basis points. It also opened the equities market and banking sector to foreign capital and boosted external reserves. 𝐀𝐧𝐭𝐢𝐜𝐢𝐩𝐚𝐭𝐞𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐈𝐦𝐩𝐚𝐜𝐭 The GBI-EM Edge tracks approximately $328 billion in local-currency government debt globally. Nigeria's 7.40% allocation represents roughly $17.47 billion of eligible FGN debt across 16 instruments. Index-tracking funds are expected to adjust their portfolios to reflect Nigeria's weighting, which should channel additional foreign portfolio inflows into the domestic bond market over time. • 𝒀𝒊𝒆𝒍𝒅 𝒄𝒐𝒎𝒑𝒓𝒆𝒔𝒔𝒊𝒐𝒏: Increased foreign institutional demand is expected to support bond prices and gradually ease domestic yields, helping to moderate the government's cost of servicing naira-denominated debt. • 𝑩𝒓𝒐𝒂𝒅𝒆𝒓 𝒎𝒂𝒓𝒌𝒆𝒕 𝒍𝒊𝒒𝒖𝒊𝒅𝒊𝒕𝒚: While the index covers mid-to-long-tenor government bonds specifically, improved liquidity in the FGN bond market is expected to have positive knock-on effects across the wider debt market, including Nigerian Treasury Bills, over time. 𝐌𝐢𝐧𝐢𝐬𝐭𝐞𝐫'𝐬 𝐂𝐨𝐦𝐦𝐞𝐧𝐭 “𝘛𝘩𝘪𝘴 𝘪𝘯𝘤𝘭𝘶𝘴𝘪𝘰𝘯 𝘪𝘴 𝘢 𝘤𝘭𝘦𝘢𝘳, 𝘪𝘯𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘯𝘵 𝘦𝘯𝘥𝘰𝘳𝘴𝘦𝘮𝘦𝘯𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘥𝘪𝘴𝘤𝘪𝘱𝘭𝘪𝘯𝘦 𝘣𝘦𝘩𝘪𝘯𝘥 𝘗𝘳𝘦𝘴𝘪𝘥𝘦𝘯𝘵 𝘉𝘰𝘭𝘢 𝘈𝘩𝘮𝘦𝘥 𝘛𝘪𝘯𝘶𝘣𝘶’𝘴 𝘳𝘦𝘧𝘰𝘳𝘮 𝘢𝘨𝘦𝘯𝘥𝘢. 𝘐𝘵 𝘳𝘦𝘧𝘭𝘦𝘤𝘵𝘴 𝘵𝘩𝘦 𝘤𝘰𝘯𝘧𝘪𝘥𝘦𝘯𝘤𝘦 𝘪𝘯𝘵𝘦𝘳𝘯𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘤𝘢𝘱𝘪𝘵𝘢𝘭 𝘮𝘢𝘳𝘬𝘦𝘵𝘴 𝘯𝘰𝘸 𝘱𝘭𝘢𝘤𝘦 𝘪𝘯 𝘕𝘪𝘨𝘦𝘳𝘪𝘢'𝘴 𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘤 𝘮𝘢𝘯𝘢𝘨𝘦𝘮𝘦𝘯𝘵, 𝘢𝘯𝘥 𝘪𝘵 𝘭𝘰𝘸𝘦𝘳𝘴 𝘵𝘩𝘦 𝘤𝘰𝘴𝘵 𝘰𝘧 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘯𝘨 𝘰𝘶𝘳 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵 𝘱𝘳𝘪𝘰𝘳𝘪𝘵𝘪𝘦𝘴. 𝘞𝘦 𝘳𝘦𝘮𝘢𝘪𝘯 𝘧𝘰𝘤𝘶𝘴𝘦𝘥 𝘰𝘯 𝘵𝘩𝘦 𝘸𝘰𝘳𝘬 𝘴𝘵𝘪𝘭𝘭 𝘳𝘦𝘲𝘶𝘪𝘳𝘦𝘥 𝘵𝘰 𝘦𝘢𝘳𝘯 𝘧𝘶𝘭𝘭 𝘳𝘦𝘪𝘯𝘴𝘵𝘢𝘵𝘦𝘮𝘦𝘯𝘵 𝘪𝘯 𝘑.𝘗. 𝘔𝘰𝘳𝘨𝘢𝘯'𝘴 𝘧𝘭𝘢𝘨𝘴𝘩𝘪𝘱 𝘪𝘯𝘥𝘦𝘹.” — Taiwo Oyedele, Honourable Minister of Finance and Coordinating Minister of the Economy The Federal Government of Nigeria remains committed to sustaining the reform agenda and deepening investor confidence in the domestic market. 𝐒𝐢𝐠𝐧𝐞𝐝: 𝐅𝐞𝐝𝐞𝐫𝐚𝐥 𝐌𝐢𝐧𝐢𝐬𝐭𝐫𝐲 𝐨𝐟 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐀𝐛𝐮𝐣𝐚, 𝐅𝐂𝐓
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