Big Win For Nigeria As EU Removes Nigeria From High-Risk Financial List
By: Israel Adeleke
OPEN TELEVISION NAIJA (OTN) News reports that Nigeria has been removed from the European Union’s list of high-risk jurisdictions, a development expected to ease financial transactions, improve trade relations and attract increased investment between the country and European partners.
According to a report by Business Insider, the European Commission confirms that Nigeria, alongside South Africa, Burkina Faso, Mali, Mozambique and Tanzania, no longer poses “strategic deficiencies” under the EU’s assessment standards.
OTN News observes that, the decision follows significant improvements in the countries’ anti-money laundering and counter-terrorism financing (AML/CFT) frameworks.
The commission notes that the affected countries have implemented wide-ranging reforms that align their financial systems with international benchmarks set by the Financial Action Task Force (FATF), the global watchdog on money laundering and terrorism financing.
OTN News further observes that, Nigeria’s removal from the list marks a significant shift from its previous status, which subjected financial dealings with European entities to enhanced due diligence requirements.
Under the high-risk designation, Nigerian banks and businesses faced stricter documentation demands, additional compliance checks and increased regulatory oversight, often resulting in delays, higher transaction costs and reduced investor appetite.
Reacting to the development, the Minister of State for Finance, Dr Doris Uzoka-Anite, described the decision as a major boost to investor confidence and a positive signal to the global financial community.
In a post on X on Thursday, she hailed the development as a milestone achievement for the country.
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.”
OTN News further gathered that, analysts said the delisting is expected to streamline cross-border payments, reduce compliance burdens for Nigerian financial institutions and make the country more attractive to European investors seeking opportunities in Africa’s largest economy.
It is also seen as an endorsement of Nigeria’s recent financial sector reforms and its commitment to strengthening regulatory oversight.
OTN News, however, observes that, with the removal from the EU’s high-risk list, Nigerian businesses are likely to experience smoother engagement with European partners, faster transaction processing and improved access to international capital, potentially supporting economic growth and deeper integration into the global financial system.
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