Nigeria has been removed from the European Union’s list of high-risk jurisdictions, a development expected to significantly ease trade, payment transactions and investment flows between the country and Europe.
According to a report by Business Insider on Wednesday, the European Commission confirmed that Nigeria, alongside South Africa, Burkina Faso, Mali, Mozambique and Tanzania, had strengthened its anti-money laundering and counter-terrorism financing (AML/CFT) frameworks and no longer posed “strategic deficiencies” under EU assessment standards.
The commission noted that the affected countries implemented key reforms that aligned their financial systems with international benchmarks set by the Financial Action Task Force (FATF).
Nigeria’s removal from the list follows sustained efforts to tighten regulatory oversight, enhance financial transparency and improve compliance across its banking and financial sectors.
Reacting to the announcement, the Minister of State for Finance, Doris Uzoka-Anite, described the decision as a major boost to investor confidence.
In a post on 𝕏 (formerly Twitter) on Thursday, she wrote, “Big win for Nigeria! Removed from EU’s financial ‘high-risk’ list! Congrats 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 meant that transactions involving European partners were subject to enhanced due diligence, stricter documentation, and additional regulatory scrutiny.
As a result, Nigerian banks and businesses faced delays in cross-border transactions, higher compliance costs and reduced investor appetite.