EU Clears Nigeria from Financial High-Risk List
By Patience Ikpeme
The Federal Government has announced that Nigeria’s removal from the European Union (EU) high-risk third-country list will eliminate the rigorous financial scrutiny previously applied to transactions between the country and the European bloc.
This development signifies that financial dealings between Nigeria and the EU will no longer be subject to the mandatory enhanced due diligence requirements typically reserved for jurisdictions considered to have high risks of money laundering and terrorism financing.
In a statement released on Friday, the Nigerian Financial Intelligence Unit (NFIU) explained that the move marks a turning point for the nation’s economy.
“This is expected to ease compliance burdens, support smoother cross-border financial flows, and enhance Nigeria’s attractiveness for trade, investment and financial partnerships with EU Member States,” the NFIU stated.
The unit further noted that in a world where global trade is becoming more competitive, the delisting provides a stronger foundation for the country’s economic future.
“The delisting further strengthens Nigeria’s positioning as a reliable economic partner, reinforcing Europe’s role as a key destination for Nigerian exports and a source of investment and financial services,” the statement added.
The Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, described the EU’s decision as a significant validation of the country’s hard-won reforms.
“Beyond the immediate economic benefits, this outcome strengthens international confidence in Nigeria’s financial system and underscores our standing as a cooperative and responsible participant in the global financial architecture,” she said.
The NFIU head pointed to the critical role played by her agency in coordinating national efforts against money laundering, terrorism financing, and the financing of proliferation (AML/CFT/CPF). She noted that these efforts have improved the quality of financial intelligence available to investigators and prosecutors across Nigeria.
“This achievement is the product of collective national effort. While we welcome this progress, it also places a clear responsibility on all stakeholders to sustain momentum, guard against complacency and continue strengthening our systems in response to evolving financial crime risks,” Bakari added.
She also expressed the NFIU’s dedication to maintaining active partnerships with global bodies, including the Financial Action Task Force (FATF), the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), and the EU. This ongoing collaboration aims to ensure that Nigeria does not just meet international standards but builds a resilient and effective financial framework for the long term.
“This decision represents an important external validation of Nigeria’s steady progress in strengthening its AML/CFT/CPF framework. It demonstrates that consistent reforms, effective coordination and strong national ownership can translate into tangible international outcomes,” the CEO said.
The European Commission recently acknowledged that Nigeria and other delisted nations have successfully addressed technical and operational gaps in their financial systems. These improvements led to Nigeria’s removal from the FATF grey list earlier in 2025, a prerequisite for the EU’s latest action.
The federal government attributed this success to the leadership of President Bola Ahmed Tinubu, noting that his administration made financial integrity and inter-agency cooperation a top priority. The result is also seen as a victory for a wide range of domestic stakeholders, including the National Assembly, the judiciary, law enforcement agencies, and the private sector.
As the national center for analyzing and sharing financial intelligence, the NFIU continues to play a central role in protecting the integrity of Nigeria’s economy through its membership in the global Egmont Group of Financial Intelligence Units.
