Nigeria steps up reforms to exit FATF grey list by mid-2025

Nigeria is intensifying efforts to exit the Financial Action Task Force’s grey list by mid-2025, a development that could significantly enhance investor confidence and unlock fresh economic opportunities.

Doris Uzoka-Anite, Minister of State for Finance, stated on Friday that Government had, to this end, directed all relevant Agencies to take immediate and decisive action to meet the FATF’s requirements.

She spoke during a meeting with the relevant Ministries, Departments, and Agencies (MDAs) to discuss the country’s efforts towards exiting the grey list.

“We recognise the importance of exiting the grey list, not only for our national interest but also for the global community’s confidence in our financial systems.

“All hands must therefore be on deck to ensure the realization of these objectives,’ the Minister noted.

FATF added Nigeria to its grey list in February 2023, highlighting significant deficiencies in the country’s anti-money laundering (AML) and counter-terrorism financing (CFT) frameworks.

The decision was driven by concerns about surging capital inflows and insufficient measures to combat money laundering and terrorist financing, as well as the need for enhanced regulatory frameworks.

Read also: Nigeria may exit FATF grey list by second quarter of 2025 -Cardoso

To exit the list, Nigeria is required to implement a comprehensive action plan to address these strategic deficiencies within agreed timeframes, which includes addressing 19 specific items identified by the FAFT.

Part of the action plan includes additional collaboration with relevant stakeholders, ensuring that the country’s AML processes and procedures work effectively and that sanctions are applied where needed.

Additionally, establishing necessary regulatory frameworks and ensuring that relevant stakeholders operate in a compliant and appropriate manner is also essential.

Uzoka-Anite emphasised the Government’s commitment to ensuring Nigeria’s removal from the grey list, saying, “we are working tirelessly to address the remaining deficiencies in our AML/CFT regime, and we are confident that our efforts will yield positive results.”

She explained that Nigeria’s efforts to strengthen its AML/CFT regime are aimed at demonstrating the country’s dedication to upholding international standards.

She emphasised that Government is committed to implementing the necessary reforms to safeguard Nigeria’s financial integrity and foster global confidence in the economy.

“We are confident that our collective efforts will yield positive results and further strengthen Nigeria’s position in the global economy, in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration,” she noted.