Finance Minister Wale Edun credits Tinubu’s reforms for easing business transactions with Europe, enhancing Nigeria’s global financial credibility, and strengthening anti-money laundering measures.
Nigeria’s removal from the European Union’s (EU) high-risk list is expected to ease business transactions between Nigerian and European companies, Finance Minister and Coordinating Minister of the Economy Wale Edun has said.
Mohammed Manga, director of information and public relations at the Federal Ministry of Finance, said on Thursday that Edun credited the milestone to President Bola Tinubu’s leadership and reform agenda.
The EU recently removed Nigeria, along with South Africa, Burkina Faso, Mali, Mozambique, and Tanzania, from its “high-risk third country jurisdictions” list for money laundering and terrorism financing.
“Manga explained that Tinubu’s decisive leadership enabled stronger inter-agency coordination, international engagement, and the implementation of critical reforms, effectively closing gaps in Nigeria’s anti-money laundering and counter-terrorism financing (AML/CFT) framework.
“The European Commission, in its assessment, concluded that Nigeria has significantly strengthened the effectiveness of its AML/CFT regime and satisfactorily addressed the technical and strategic deficiencies highlighted by the FATF,” he said.
“As a result, Nigeria has been removed from the EU list of high-risk third countries, alongside other jurisdictions that have demonstrated similar progress.
“This development represents another major boost to Nigeria’s global financial credibility.
“It is expected to ease enhanced due diligence requirements for Nigerian individuals, businesses, and financial institutions transacting with European counterparts, improve correspondent banking relationships, enhance investor confidence, and further integrate Nigeria into the international financial system.”
Edun also commended regulators, law enforcement agencies, and private sector stakeholders for their role in the achievement. He reaffirmed Nigeria’s commitment to maintaining strong AML/CFT measures while continuing to work with international partners to strengthen the country’s financial system.
The delisting follows Nigeria’s successful exit from the Financial Action Task Force (FATF) grey list, achieved after implementing reforms to bolster its AML/CFT framework.
