Nigeria wins removal from the EU high-risk list after reforms to its financial system, boosting trade, payments and investor confidence

The European Union has removed Nigeria from its list of high-risk financial jurisdictions after determining that the country has strengthened its anti-money laundering and counter-terrorism financing frameworks.

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The decision was confirmed by the European Commission and reported by Business Insider on Wednesday, with Nigeria joining South Africa, Burkina Faso, Mali, Mozambique and Tanzania in being delisted after reforms addressed what the EU described as previous “strategic deficiencies”.

The commission said the countries had implemented measures that brought their financial systems into alignment with international standards set by the Financial Action Task Force.

Reacting to the development, the Minister of State for Finance, Dr Doris Uzoka-Anite, described the move as a major boost for Nigeria’s economy and international standing.

“Big win for Nigeria! Removed from EU’s financial ‘high-risk’ list! Congrats to President Bola Tinubu on this achievement.

As Minister of State for Finance, I’m proud of this boost to trade and investor confidence,” she wrote in a post on X on Thursday.

Nigeria’s removal from the EU high-risk list is expected to ease cross-border transactions, reduce compliance burdens on Nigerian banks and companies, and improve the country’s attractiveness to foreign investors.

While on the list, Nigerian financial institutions and businesses faced enhanced due diligence requirements, stricter documentation obligations and heightened scrutiny on transactions involving European partners, often slowing payments and discouraging investment.

Financial analysts say the delisting sends a powerful signal to global markets that Nigeria is strengthening governance and regulatory oversight in its financial sector.

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The move is also seen as reinforcing ongoing reforms under the Tinubu administration aimed at stabilising the economy, improving transparency and restoring investor confidence amid wider efforts to reposition Nigeria as a competitive destination for capital and trade.