Nigeria’s Exit From FATF Grey List Marks a New Dawn for Economy, Says Uzoka-Anite

Nigeria’s Exit From FATF Grey List Marks a New Dawn for Economy, Says Uzoka-Anite

By Barth Ikiebe

Nigeria’s Minister of State for Finance, Dr Doris Uzoka-Anite, has described the country’s removal from the Financial Action Task Force (FATF) grey list as a historic breakthrough that will reshape its economic future and restore global confidence in its financial system.

Speaking in Abuja following the announcement at the FATF Plenary in Paris on October 24, 2025, Uzoka-Anite said the milestone “goes beyond bureaucracy or diplomacy” — it represents a real shift that will directly improve the lives of ordinary Nigerians.
“This is not just a bureaucratic achievement or a diplomatic win,” she declared. “It is about real change that will touch the lives of every Nigerian — from the small business owner in Lagos to the farmer in Kano, from the trader in Owerri to the student seeking opportunities abroad.”
Nigeria’s inclusion on the FATF grey list in February 2023 placed the nation under increased global monitoring due to weaknesses in its anti-money laundering and counter-terrorism financing systems. The designation made international trade and investment more difficult and costly.
Uzoka-Anite explained that the delisting will now ease restrictions, lower transaction costs, and open new investment opportunities.
“With our exit from the grey list, Nigerian businesses will find it easier and cheaper to trade globally. Our banks can engage more freely with international partners, and foreign investors will view Nigeria as a safer, more credible destination for their capital,” she said.
Nigeria was removed alongside South Africa, Mozambique, and Burkina Faso, a development hailed by FATF President T. Raja Kumar as “a positive story for the continent of Africa.”
The Minister credited President Bola Ahmed Tinubu for his decisive leadership, noting that his economic reform agenda laid the groundwork for Nigeria’s delisting.
“President Tinubu provided unwavering commitment from day one,” Uzoka-Anite said. “Under his leadership, we implemented bold reforms — from fuel subsidy removal to foreign exchange harmonization — that demonstrated Nigeria’s seriousness about building a transparent, rule-based economy.”
She also commended Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, for his “visionary coordination” of the complex inter-agency process, and praised Hajiya Hafsat Abubakar Bakari, Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), for leading the execution of a 19-point action plan that ensured full compliance with FATF requirements.
“Her technical expertise and tireless advocacy were instrumental in keeping Nigeria on track,” she said.
Over the past two years, Nigeria has undertaken sweeping financial reforms, enacting the Money Laundering (Prevention and Prohibition) Act 2022, the Terrorism (Prevention and Prohibition) Act 2022, and operationalizing a Beneficial Ownership Register that exposes hidden company ownership structures.
Uzoka-Anite, who coordinated several of these efforts, said the reforms have transformer transparency and accountability in Nigeria’s financial system.
“The Beneficial Ownership Register has been a game changer. We now have unprecedented visibility into corporate ownership, making it far harder for illicit actors to hide behind shell companies,” she explained.
The Minister also highlighted collaborations with the Central Bank of Nigeria, Securities and Exchange Commission, Corporate Affairs Commission, and Nigeria Customs Service as part of a whole-of-government effort to align Nigeria’s financial practices with global standards.
While celebrating the milestone, Uzoka-Anite cautioned that Nigeria’s exit from the grey list is “not the finish line but a new starting point.”
She revealed that Nigeria has been invited to join the FATF Guest Jurisdictions Initiative, allowing it to participate under its own flag in FATF meetings — a sign of growing international trust.
“We must sustain these reforms and build on this momentum. With restored global credibility, Nigeria can now attract the investment needed to drive President Tinubu’s vision of a $1 trillion economy,” she said.
The Minister expressed gratitude to the Office of the National Security Adviserthe Attorney-General of the Federation, the Minister of Interior, and other institutions that contributed to the success, describing it as “a collective victory for every Nigerian.”
“We have shown the world that Nigeria can reform, meet international standards, and deliver on its commitments,” Uzoka-Anite stated. “This success opens doors that were once closed and restores dignity to our nation in the global community.”
Analysts say Nigeria’s removal from the FATF grey list could spur fresh foreign investment, improve access to international finance, and strengthen the naira — signalling, in Uzoka-Anite’s words, “a new dawn for Nigeria.”(www.amatropics.com)