Nigeria has been faraway from the European Union’s record of high-risk jurisdictions, a growth anticipated to ease commerce, funds and funding flows between the nation and Europe.
Based on a report by Enterprise Insider, the European Fee confirmed the choice on Wednesday.
The fee mentioned Nigeria, alongside South Africa, Burkina Faso, Mali, Mozambique and Tanzania, had strengthened its anti-money laundering and counter-terrorism financing (AML/CFT) regimes.
It mentioned the international locations now not pose “strategic deficiencies” below the European Union’s evaluation requirements.
The fee added that the affected international locations carried out reforms aligning their {financial} techniques with worldwide benchmarks set by the {Financial} Motion Activity Power (FATF).
Reacting to the event, Doris Uzoka-Anite, minister of state for finance, described Nigeria’s removing from the record as a serious enhance to investor confidence.
In a put up on X on Thursday, Uzoka-Anite wrote: “Huge win for Nigeria! Faraway from EU’s {financial} ‘high-risk’ record! Congrats to President Bola Ahmed Tinubu on this achievement. As minister of state for finance, I’m happy with this enhance to commerce and investor confidence.”
Nigeria’s inclusion on the high-risk record beforehand meant transactions with European companions had been topic to enhanced due diligence and stricter documentation necessities.
The designation elevated scrutiny of Nigerian companies and banks, slowing cross-border commerce and complicating funding flows.