Nigeria has been taken off the European Union’s list of high-risk jurisdictions, a move expected to ease trade relations, cross-border payments, and investment flows between the country and Europe.
According to a Business Insider report on Wednesday, the European Commission confirmed that Nigeria, along with South Africa, Burkina Faso, Mali, Mozambique, and Tanzania, had made significant improvements to their anti-money laundering and counter-terrorism financing (AML/CFT) systems. The commission said the countries no longer exhibit “strategic deficiencies” under EU evaluation criteria.
The EU noted that the affected nations implemented critical reforms that brought their financial systems in line with global standards set by the Financial Action Task Force (FATF).
Nigeria’s delisting follows sustained efforts to strengthen regulatory supervision, improve financial transparency, and enhance compliance within the banking and broader financial sectors.
Reacting to the development, the Minister of State for Finance, Doris Uzoka-Anite, described the decision as a significant boost to investor confidence.
In a post on 𝕏 (formerly Twitter) 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 am proud of this positive step for trade and investor confidence.”
Previously, Nigeria’s placement on the EU high-risk list meant that transactions involving European counterparts were subject to enhanced due diligence, stricter documentation requirements, and increased regulatory scrutiny.
This resulted in delays in cross-border payments, higher compliance costs for Nigerian banks and businesses, and reduced appetite from foreign investors.