Nigeria has been removed from the European Union’s list of high-risk financial jurisdictions, a development expected to improve trade, investment and cross-border payment flows between the country and Europe.
According to a report by Business Insider, the European Commission confirmed on Wednesday that Nigeria, along with South Africa, Burkina Faso, Mali, Mozambique and Tanzania, had strengthened their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks and no longer exhibited “strategic deficiencies” under EU assessment criteria.
The commission noted that the affected countries had implemented key reforms that aligned their financial systems with international standards set by the Financial Action Task Force (FATF).
Reacting to the announcement, the Minister of State for Finance, Dr Doris Uzoka-Anite, described Nigeria’s removal from the list as a significant boost to investor confidence and economic engagement.
In a post on X on Thursday, she wrote, “Big win for Nigeria! Removed from the EU’s financial ‘high-risk’ list. Congratulations to President @officialABAT on this achievement. As Minister of State for Finance, I’m proud of this boost to trade and investor confidence.”
Nigeria’s inclusion on the EU high-risk list had previously subjected transactions involving European partners to enhanced due diligence, stricter documentation requirements and increased regulatory oversight. These measures often slowed cross-border trade and complicated investment and banking relationships.
With the delisting, Nigerian businesses and financial institutions are expected to benefit from reduced scrutiny and smoother financial interactions with European counterparts.
