EU Removes Nigeria From High-Risk Financial List

Nigeria has been officially removed from the European Union’s list of high-risk jurisdictions, a development expected to ease trade relations, simplify financial transactions and improve investment flows between the country and Europe.

According to Business Insider, the European Commission confirmed on Wednesday that Nigeria, along with South Africa, Burkina Faso, Mali, Mozambique and Tanzania, had made significant progress in strengthening their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks. The commission said the countries no longer exhibited “strategic deficiencies” under EU assessment criteria.

It noted that the reforms implemented had aligned their financial systems with international standards set by the Financial Action Task Force (FATF).

Reacting to the decision, the Minister of State for Finance, Dr Doris Uzoka-Anite, described Nigeria’s delisting as a major confidence booster for investors.

In a post on X on Thursday, 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.”

Nigeria’s inclusion on the EU high-risk list previously meant that transactions involving European partners were subjected to enhanced due diligence, tighter documentation requirements and increased regulatory oversight.

These measures placed additional pressure on Nigerian banks and businesses, often slowing cross-border trade and complicating investment processes. The country’s removal from the list is expected to reduce these hurdles and strengthen economic engagement with European partners.