The European Union (EU) has removed the country from its high-risk list of jurisdictions, which is expected to ease trade, payments and investment flows between the country and Europe.
According to reports, the European Commission confirmed that Nigeria, alongside South Africa, Burkina Faso, Mali, Mozambique and Tanzania, had strengthened its AML/CFT regimes and no longer posed strategic deficiencies under EU assessment standards.
The commission also noted that the affected countries had implemented reforms that brought their financial systems in line with international standards set by the FATF.
Reacting to the development in Abuja on Thursday, Minister of State for Finance Dr Doris Uzoka-Anite described Nigeria’s removal from the list as a major boost to investors’ confidence.
In a post on her X, formerly Twitter, Uzoka-Anite wrote, “Big win for Nigeria, removed from the EU’s financial ‘high-risk’ list: Congratulations to President Bola Ahmed Tinubu, @officialABAT, on this achievement.
“As Minister of State for Finance, I am proud of this boost to trade and investor confidence.”
Being on the EU’s high-risk list previously meant that transactions with European partners required enhanced due diligence, stricter documentation, and additional oversight.
Nigerian businesses and banks faced increased scrutiny, which slowed cross-border trade and complicated investment flows.
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