Nigeria has officially exited the Financial Action Task Force (FATF) grey list after successfully meeting all requirements outlined in its Action Plan — a major milestone that strengthens the nation’s global financial credibility and anti-corruption reputation.
The announcement was made during the FATF October 2025 plenary session in Paris, where the organization commended Nigeria for improving inter-agency coordination, enhancing regulatory oversight, and demonstrating a firm commitment to combating money laundering and terrorist financing.
“For Us, the Action Plan Was the Floor, Not the Ceiling” – Wale Edun
Representing Nigeria at the plenary, Wale Edun, the Coordinating Minister of the Economy, described the delisting as a validation of Nigeria’s deepening financial reforms.
“Nigeria’s ambition was never limited to merely completing the Action Plan and exiting the grey list,” Edun said. “Our goal has always been to strengthen institutions and ensure that our country effectively combats money laundering and terrorist financing. For us, the Action Plan was not the ceiling, but the floor of our aspirations.”
He added that the achievement reflects a “vote of confidence in Nigeria’s economy, financial integrity, and institutional transparency,” signalling to investors and international partners that the country’s financial systems are now stronger and more reliable.
Key Reforms Behind the Milestone
Nigeria was first placed on the FATF grey list in February 2023, following identified deficiencies in its Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) systems.
Since then, the country has implemented several far-reaching reforms, including:
- Passage of key legislation: The Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022.
- Launch of the Beneficial Ownership Register to improve transparency in corporate structures and legal entities.
- Strengthened supervision for both financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs).
- Enhanced intelligence-sharing and collaboration among the Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), and other enforcement agencies.
At the Paris plenary, FATF acknowledged that Nigeria had demonstrated “strong political will and technical compliance”, moving from partially compliant to largely compliant across key assessment criteria.
Global Confidence Boost for Nigeria
Analysts say Nigeria’s removal from the FATF grey list will enhance investor confidence, improve cross-border financial transactions, and attract foreign investment previously constrained by compliance concerns.
The milestone also underscores the government’s renewed focus on transparency, accountability, and institutional reform, aligning Nigeria’s financial framework with international best practices.
