Nigeria’s Removal from the FATF Grey List: A Milestone for Economic Renewal and Financial Integrity- GGTNigeria

Nigeria’s Removal from the FATF Grey List: A Milestone for Economic Renewal and Financial Integrity- GGTNigeri

Good Governance Team (GGTNigeria), applauded Nigeria’s Removal from the FATF Grey List: A Milestone for Economic Renewal and Financial Integrity
We extend heartfelt congratulations to the Federal Republic of Nigeria on its successful removal from the Financial Action Task Force (FATF) grey list. This achievement is a remarkable testament to the country’s determination to strengthen its financial systems, restore international confidence, and uphold the values of transparency and accountability. It represents a collective national effort involving government agencies, regulators, private sector, and civil society stakeholders working in unity toward a common reform goal.
This announcement by FATF that Nigeria marks a major milestone in the country’s ongoing efforts to strengthen financial transparency, regulatory enforcement, and governance integrity. The development follows a comprehensive evaluation of Nigeria’s compliance with global anti-money laundering (AML) and counter-terrorist financing (CTF) standards, confirming that the nation has made substantial progress in addressing earlier identified deficiencies.
Nigeria’s delisting reflects the country’s strengthened institutional capacity and the success of coordinated reforms implemented across key agencies such as the Central Bank of Nigeria, the Nigerian Financial Intelligence Unit, the Economic and Financial Crimes Commission, and the Independent Corrupt Practices and Other Related Offences Commission, as well as advocacy efforts by act-corruption civil society organisations (CSOs). Through legislative improvements, enforcement initiatives, and policy alignment with international standards, Nigeria has demonstrated a renewed commitment to combating illicit financial flows, terrorist financing, and corruption.
The removal from the grey list presents significant economic and diplomatic opportunities for Nigeria. It signals to the global investment community that the nation’s financial system is credible, stable, and aligned with best international practices. This positive perception is expected to boost investor confidence, attract foreign direct investment (FDI), and facilitate smoother cross-border transactions. International lenders and correspondent banks that previously operated with caution will now view Nigeria as a lower-risk jurisdiction, likely improving access to credit, trade financing, and foreign exchange inflows.
Furthermore, the decision strengthens Nigeria’s standing in the international financial system. It enhances the country’s reputation as a reform-driven economy and a responsible global actor committed to the rule of law and accountability. For domestic businesses, the removal from the grey list will reduce compliance bottlenecks, lower transaction costs, and expand opportunities for trade and investment across regional and global markets.

However, this achievement must not lead to complacency. Sustaining the gains from the FATF delisting requires continued political will, institutional discipline, and policy coherence. Nigeria must deepen reforms that promote transparency in beneficial ownership disclosures, ensure effective prosecution of financial crimes, and maintain inter-agency cooperation in monitoring high-risk sectors. Strengthening capacity across financial regulators, law enforcement agencies, and the judiciary will be essential to prevent future lapses.
Nigeria’s removal from the FATF grey list is a commendable victory, but it also presents a responsibility to consolidate the reforms that made it possible and to ensure that integrity, accountability, and transparency remain permanent pillars of national development. With sustained effort, Nigeria can transform this milestone into a foundation for lasting economic growth and international credibility.
We expect the Nigeria government to take advantage of this delisting to support the leading agency NFIU and other Anti-corruption agencies through improved funding to deliver on their respective mandates. The government should work closely with financial institutions and other professional bodies such as the Nigeria Bar Association, the Institute of Chartered Accountants of Nigeria, the Nigeria Institute of Valuers, CSOs, and other related bodies to uphold professional ethics in dealing with clients in terms of statutory reporting expected of their various associations in supporting the Nigeria government.
Good Governance Team (GGT) Nigeria is a civil society platform dedicated to promote transparency, accountability and good governance.

Tunde SALMAN, Jimohg
Convener, GGTNigeria