Nigeria has been removed off the European Union’s list of high-risk jurisdictions, a decision expected to improve trade relations, ease financial transactions and attract increased investment from Europe, according to Business Insider
The report, published on Wednesday, stated that the European Commission confirmed Nigeria’s removal from the list alongside South Africa, Burkina Faso, Mali, Mozambique and Tanzania.
The commission said the affected countries had strengthened their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks and no longer showed “strategic deficiencies” under EU assessment standards.
According to the commission, the reforms implemented by these countries aligned their financial systems with international benchmarks set by the Financial Action Task Force (FATF).
Reacting to the development, the Minister of State for Finance, Dr Doris Uzoka-Anite, described the decision as a significant boost to investor confidence in Nigeria.
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 previous inclusion on the EU high-risk list meant that financial transactions involving European partners were subjected to enhanced due diligence, stricter documentation requirements and additional regulatory oversight.
As a result, Nigerian banks and businesses faced heavy scrutiny, which slowed cross-border trade and made investment processes more complex. The country’s removal from the list is expected to reduce these barriers and improve overall economic engagement with Europe.
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