Nigeria has officially been taken off the European Union’s list of high-risk financial jurisdictions, a move expected to ease trade, streamline payment transactions, and attract more foreign investment from Europe.

The European Commission confirmed the update on Wednesday, noting that Nigeria, along with South Africa, Burkina Faso, Mali, Mozambique, and Tanzania, has strengthened its anti-money laundering (AML) and counter-terrorism financing (CFT) systems. According to the EU, these reforms have resolved the “strategic deficiencies” that previously flagged the countries as high-risk under EU standards.

The Commission highlighted that Nigeria’s financial sector reforms now align with international benchmarks set by the Financial Action Task Force (FATF), reflecting enhanced regulatory oversight, improved compliance, and greater financial transparency.

Minister of State for Finance, Doris Uzoka-Anite, welcomed the announcement, describing it as a milestone for the country’s economic credibility. In a post on 𝕏 (formerly Twitter), she said, “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.”

Previously, Nigeria’s inclusion on the EU high-risk list meant that transactions with European partners required enhanced due diligence, extensive documentation, and stricter regulatory scrutiny. These requirements often slowed cross-border transactions, increased compliance costs, and deterred potential investors.

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With the country now cleared from the list, businesses and banks can expect smoother trade operations, faster international payments, and renewed investor interest, marking a significant step in strengthening Nigeria’s financial reputation on the global stage.