Nigeria has been removed from the European Union’s list of high-risk jurisdictions, a development expected to ease trade, payments and investment flows between the country and Europe.
According to a report by Business Insider, the European Commission confirmed the decision on Wednesday.
The commission said Nigeria, alongside South Africa, Burkina Faso, Mali, Mozambique and Tanzania, had strengthened its anti-money laundering and counter-terrorism financing (AML/CFT) regimes.
It said the countries no longer pose “strategic deficiencies” under the European Union’s assessment standards.
The commission added that the affected countries implemented reforms aligning their financial systems with international benchmarks set by the Financial Action Task Force (FATF).
Reacting to the development, Doris Uzoka-Anite, minister of state for finance, described Nigeria’s removal from the list as a major boost to investor confidence.
In a post on X on Thursday, Uzoka-Anite wrote: “Big win for Nigeria! Removed from EU’s financial ‘high-risk’ list! Congrats to President Bola Ahmed Tinubu 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 high-risk list previously meant transactions with European partners were subject to enhanced due diligence and stricter documentation requirements.
The designation increased scrutiny of Nigerian businesses and banks, slowing cross-border trade and complicating investment flows.