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By Uche Usim
Nigeria’s removal from the European Union high-risk list is set to ease business transactions between the country and Europe, Finance Minister Wale Edun has said. The decision, announced recently by Mohammed Manga, director of information and public relations at the Ministry of Finance, is being hailed as a milestone for the country’s financial credibility.
Edun attributed the development to the leadership and reform agenda of President Bola Tinubu. “The European Commission, in its assessment, concluded that Nigeria has significantly strengthened the effectiveness of its anti-money laundering and counter-terrorism financing regime and satisfactorily addressed the technical and strategic deficiencies highlighted by the FATF,” he said.
Nigeria was removed from the EU’s list of “high-risk third country jurisdictions” for money laundering and terrorism financing, alongside South Africa, Burkina Faso, Mali, Mozambique, and Tanzania. The delisting followed the countries’ successful exit from the Financial Action Task Force grey list, after implementing key reforms to improve their AML/CFT frameworks. Manga noted that Tinubu’s decisive leadership was central to the achievement. “Inter-agency coordination, international engagement, and the implementation of key reforms under his administration addressed Nigeria’s AML/CFT gaps,” he said.
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The finance minister highlighted the practical benefits of the EU decision. “This development represents another major boost to Nigeria’s global financial credibility. It is expected to ease enhanced due diligence requirements for Nigerian individuals, businesses, and financial institutions transacting with European counterparts, improve correspondent banking relationships, enhance investor confidence, and further integrate Nigeria into the international financial system,” Edun said.
He commended regulators, private sector operators, and law enforcement agencies for their role in achieving the delisting, emphasizing that the accomplishment reflects collective effort. Edun also reaffirmed Nigeria’s commitment to sustaining strong AML/CFT reforms and continued collaboration with international partners to strengthen the country’s financial system.
The removal from the EU list signals a growing confidence in Nigeria’s regulatory framework and is expected to facilitate smoother trade and financial transactions with European businesses. Analysts say the move could also encourage more foreign investment, reduce transaction costs, and enhance the country’s standing in the global financial ecosystem.
With this achievement, Nigeria joins a select group of African nations demonstrating measurable progress in combating financial crimes and aligning its regulatory standards with global best practices.
