Nigeria has recorded a major step forward in its financial credibility as the country has now been officially removed from the Financial Action Task Force (FATF) grey list. The announcement was made at the FATF Plenary in Paris today, marking the end of a two-year monitoring process on the nation’s financial compliance standards.
President Bola Ahmed Tinubu described the achievement as a significant milestone in Nigeria’s economic reforms and commitment to global financial transparency. According to him, this development is a renewed vote of confidence in Nigeria’s financial governance.
Nigeria was placed on the grey list in February 2023 after FATF highlighted concerns around money laundering, terrorist financing and insufficient inter-agency coordination. Instead of seeing it as a setback, the country used it as motivation to fast-track key reforms.
Under the present administration, the Nigerian Financial Intelligence Unit (NFIU), in partnership with the Ministry of Finance, Ministry of Justice, Ministry of Interior, and other security agencies, implemented major improvements across the financial system to meet global standards. The contribution of the National Assembly, Judiciary, and other oversight bodies was also commended.
International partners — including France, Germany, the United Kingdom, the United States, the European Commission and the United Nations — supported Nigeria with technical assistance to aid the reform process.
President Tinubu stressed that the removal from the FATF grey list marks a fresh chapter for Nigeria’s financial sector as the government will sustain reforms, ensure transparency and build a system that both Nigerians and global institutions can trust.
