Nigeria has been officially removed from the Financial Action Task Force (FATF) “gray list”, a major global watchlist of countries with weak systems for combating money laundering and terrorist financing. The announcement came at the end of the FATF’s plenary meeting held on Friday, marking a significant achievement for the country’s financial reform efforts.

According to FATF, Nigeria, along with South Africa, Mozambique, and Burkina Faso, demonstrated strong progress in strengthening their Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) frameworks. The decision followed Nigeria’s successful completion of its FATF Action Plan, which spanned over two years of sustained reforms and coordination among multiple government agencies.

The FATF, which serves as the world’s leading body for setting global standards against money laundering and terrorist financing, noted that Nigeria’s reforms have improved its financial transparency, compliance, and global credibility. The delisting signifies that Nigeria has met the required international benchmarks for financial integrity and oversight.

Reacting to the development, President Bola Tinubu hailed the move as a milestone achievement in Nigeria’s journey towards economic reform, institutional credibility, and stronger governance. He emphasized that this recognition reflects his administration’s commitment to global best practices and transparency in the financial system.

This delisting is expected to boost investor confidence, ease cross-border transactions, and strengthen Nigeria’s reputation within the global financial community. It also reinforces the government’s resolve to maintain reforms that prevent corruption, illicit financing, and financial crimes.