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Nigeria has officially been removed from the Financial Action Task Force (FATF) “grey list” after nearly three years of heightened monitoring. The Paris‑based global watchdog announced the delisting on Friday, citing Nigeria’s successful completion of a 30‑item action plan that tightened anti‑money‑laundering and counter‑terrorist‑financing (AML/CFT) controls. The decision also saw South Africa, Burkina Faso and Mozambique struck out from the list, underscoring a wave of regulatory progress across the region. Finance Minister Wale Edun hailed the removal as a strong endorsement of Nigeria’s reform agenda. “This development reinforces confidence in our economy and the integrity of our monetary and financial systems, signaling to investors and global partners that Nigeria’s institutions are strong, transparent, and internationally trusted,” Edun said. He added: “It will ease cross‑border transactions, improve capital flows, including foreign direct investment, and strengthen the foundations for rapid and sustainable economic growth and job creation.” Analysts expect the delisting to translate into tangible economic benefits: lower transaction costs, smoother remittance inflows (about $20 billion a year), a more stable naira, and heightened interest from foreign investors—especially in energy, technology and manufacturing sectors previously hampered by compliance concerns. The FATF’s decision follows more than two years of coordinated reforms led by the Nigerian Financial Intelligence Unit, the Central Bank, EFCC, and other agencies, all backed by President Bola Tinubu’s administration. The FATF’s grey list flags countries with strategic AML/CFT deficiencies that have pledged to address them within a set timeframe. While on the list, nations often face tighter international scrutiny, higher financing costs, and reputational damage. Nigeria’s exit marks a milestone in its commitment to transparent finance, according to officials, and positions the country for stronger integration into the global financial system.
