Nigeria’s Exit From Grey List Shows Improved Financial Health – Group

A civil society organisation, Good Governance Team (GGT) said Nigeria’s exit from the Financial Action Task Force (FATF) grey list was a testament to the nation’s determination to strengthen its financial systems, restore international confidence, and uphold the values of transparency and accountability.

The convener of the group, Tunde Salman added that the development represented a collective national effort involving government agencies, regulators, private sector, and civil society stakeholders working in unity toward a common reform goal.

He added:” Through legislative improvements, enforcement initiatives, and policy alignment with international standards, Nigeria has demonstrated a renewed commitment to combating illicit financial flows, terrorist financing, and corruption.

“The removal from the grey list presents significant economic and diplomatic opportunities for Nigeria. It signals to the global investment community that the nation’s financial system is credible, stable, and aligned with best international practices.

“This positive perception is expected to boost investor confidence, attract foreign direct investment (FDI), and facilitate smoother cross-border transactions. International lenders and correspondent banks that previously operated with caution will now view Nigeria as a lower-risk jurisdiction, likely improving access to credit, trade financing, and foreign exchange inflows.

“Furthermore, the decision strengthens Nigeria’s standing in the international financial system. It enhances the country’s reputation as a reform-driven economy and a responsible global actor committed to the rule of law and accountability. For domestic businesses, the removal from the grey list will reduce compliance bottlenecks, lower transaction costs, and expand opportunities for trade and investment across regional and global markets.

He, however, warned that this achievement should not lead to complacency, noting that “sustaining the gains from the FATF delisting requires continued political will, institutional discipline, and policy coherence.”

Salman stressed the need for the country to deepen reforms that would promote transparency in beneficial ownership disclosures, ensure effective prosecution of financial crimes, and maintain inter-agency cooperation in monitoring high-risk sectors.