EU removes Nigeria, five African countries from high-risk financial list

The European Union (EU) has officially removed Nigeria and five other African countries from its list of high-risk jurisdictions for money laundering and terrorism financing, marking a significant breakthrough for the continent’s financial credibility. The decision is expected to strengthen cross-border trade, improve payment flows, and restore investor confidence in the affected economies.

Alongside Nigeria, the countries delisted are South Africa, Burkina Faso, Mali, Mozambique, and Tanzania. The move follows their successful exit from the Financial Action Task Force (FATF) grey list after implementing key reforms aimed at tightening anti-money laundering and counter-terrorism financing (AML/CFT) controls.

Nigeria’s progress gained global attention in October 2025 when the FATF confirmed the country had addressed long-standing weaknesses in its AML/CFT framework. Countries on the grey list are usually subjected to intense monitoring, which often discourages foreign investment and raises transaction costs for businesses and financial institutions.

According to the European Commission, the affected countries have now resolved “strategic deficiencies” in their financial systems and are fully aligned with international standards set by the FATF. As a result, enhanced due diligence requirements are set to be lifted from January 29, a move expected to make international transactions smoother and less expensive.

Reacting to the development, Nigeria’s Minister of State for Finance, Doris Uzoka-Anite, described the delisting as a major national win. She praised President Bola Tinubu’s administration for the achievement, noting that Nigeria’s removal from the EU’s high-risk list would significantly boost trade prospects and reinforce investor confidence in the country’s economy.

source: The cable