Nigeria has officially been removed from the Financial Action Task Force (FATF) grey list, marking a watershed moment in the country’s economic reform agenda and signalling renewed confidence in its financial integrity.
The announcement was made at the FATF Plenary in Paris, following two years of coordinated reforms led by the Federal Ministry of Finance in partnership with the Central Bank of Nigeria (CBN), the Nigerian Financial Intelligence Unit (NFIU), and other regulatory bodies.
Representing Nigeria at the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the development as “a decisive signal to investors that Nigeria is open, compliant, and ready for deeper global financial integration.”
According to him, the delisting repositions Nigeria as a credible destination for foreign direct investment and international trade, while reflecting the success of far-reaching fiscal and monetary policy adjustments implemented since 2023.
The director of Information and Public Communications, Muhammed Manga in a statement quoted the Minister thus,
“This milestone shows Nigeria’s commitment to transparency and accountability. We have built stronger institutions, enhanced our anti-money laundering and counter-terrorist financing systems, and demonstrated to the world that Nigeria can meet the highest global standards,” Edun stated.
The FATF grey list comprises countries identified as having strategic deficiencies in their anti-money laundering (AML) and counter-terrorist financing (CTF) regimes. Delisting indicates that Nigeria has now addressed these deficiencies and strengthened its regulatory environment to prevent illicit financial flows.
Economic analysts say the development could translate into lower compliance risks for Nigerian financial institutions, easier access to global capital markets, and increased foreign investor appetite.
Dr. Chioma Obialor, an economist at Lagos Business School, said Nigeria’s exit from the list “removes a cloud that has hung over the country’s financial reputation for years.”
> “It will reduce transaction scrutiny, improve correspondent banking relationships, and make cross-border payments smoother for Nigerian businesses,” she noted.
The Financial Action Task Force, headquartered in Paris, is an intergovernmental body that sets international standards for combating money laundering and terrorist financing. Nigeria was placed on its grey list in February 2023, a move that led to increased scrutiny of financial transactions involving Nigerian entities.
With this latest development, experts believe Nigeria has sent a strong message of reform-driven stability to the international community.
> “Delisting is not the end — it’s an invitation to sustain the momentum,” said Mr. Mohammed Manga, Director of Information at the Ministry of Finance. “Nigeria will continue to strengthen its systems to ensure compliance remains a hallmark of our economy.”
The development is expected to boost investor confidence, attract more foreign direct investment, and enhance Nigeria’s global financial reputation as the government continues to implement reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
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