Nigeria has been officially removed from the European Union’s high-risk financial jurisdictions list, a development expected to ease trade, payments, and investment flows between the country and Europe. The decision was confirmed by the European Commission, which noted that Nigeria, alongside South Africa, Burkina Faso, Mali, Mozambique, and Tanzania, had strengthened their anti-money laundering (AML) and counter-terrorism financing (CFT) systems and no longer posed “strategic deficiencies” under EU standards.
Previously, being on the EU’s high-risk list meant that Nigerian businesses and banks faced enhanced scrutiny, stricter documentation, and slower cross-border transactions. With the removal, these barriers are set to decrease, paving the way for smoother trade and investment.
The European Commission emphasized that the affected countries had implemented reforms aligning their financial systems with international standards set by the Financial Action Task Force (FATF), further strengthening global financial integrity.