Nigeria removed from FATF grey list after reforms
Nigeria’s Extractive Industries Transparency Initiative praised government agencies after the Financial Action Task Force removed the country from its list of countries under monitoring for financial crimes. Executive Secretary Orji Ogbonnaya Orji said the decision validates reforms that strengthen corruption controls and accountability measures across economic sectors.
The removal followed improvements to anti-money laundering systems and better coordination among 24 agencies working under an inter-agency task team. Information-sharing agreements between NEITI and enforcement bodies helped track illegal money movements, while civil society groups maintained pressure through public campaigns.
Foreign investors should find Nigeria more appealing as the change lowers transaction costs and improves access to international banking services. Private companies in extractive industries will benefit from smoother trade operations and greater confidence in financial oversight.
Officials must maintain progress by enhancing revenue tracking systems and expanding beneficial ownership disclosures. NEITI will continue partnering with corruption fighters to prevent backsliding and ensure the nation does not return to the watch list.
