EU Removes Nigeria from High-Risk Financial List

Nigeria has been taken off the European Union’s (EU) list of high-risk financial jurisdictions, a development expected to significantly improve trade relations, payment processing and investment flows between the Country and European partners.

Global Mirror News gathered that the European Commission, in a statement released on Wednesday and cited by Business Insider, confirmed that Nigeria, alongside South Africa, Burkina Faso, Mali, Mozambique and Tanzania, had strengthened their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks and no longer posed what the EU described as “strategic deficiencies.”

The Commissioner explained that the affected Countries had carried out extensive reforms that brought their financial systems into line with International standards set by the Financial Action Task Force (FATF), paving the way for their removal from the high-risk list.

Reacting to the development, Nigeria’s Minister of State for Finance, Dr Doris Uzoka-Anite, described the decision as a major boost for the economy and investor confidence. In a post on X on Thursday, she said the move was a big win for Nigeria and would help strengthen trade ties and attract more Foreign investment into the Country.

Before now, Nigeria’s presence on the EU’s high-risk list meant that financial transactions with European institutions were subjected to enhanced due diligence, stricter documentation and extra regulatory checks.

These measures often slowed cross-border transactions and made it more difficult for Nigerian businesses and banks to operate efficiently with European partners.

With Nigeria now removed from the list, stakeholders expect reduced compliance barriers, faster financial transactions and improved access to European markets, creating a more favourable climate for trade and investment.