The Nigerian government is actively working to remove the country from the FATF ‘Grey List’ to attract more Foreign Direct Investment. Minister of Interior Dr. Olubunmi Tunji-Ojo, alongside the Minister of Justice, is co-chairing a committee with the Nigeria Financial Intelligence Unit (NFIU) to achieve this goal by the end of the month, aiming for placement on the ‘White List.’ Nigeria was moved from the ‘Black List’ to the ‘Grey List’ in February 2023. The administration is addressing gaps in anti-money laundering and counter-terrorism measures, recognizing that tackling fraud and illicit funding is crucial for national security and economic growth.
Nigeria is actively working to remove itself from the FATF ‘Grey List’ and aims to reach the ‘White List’ by the end of May. The government, led by the President, is committed to improving anti-money laundering and counter-terrorism measures to boost investor confidence and support economic recovery. The efforts involve collaboration across borders and regions, emphasizing a renewed, reform-driven approach. Recognizing the negative impact of the current reputation on investment and growth, Nigeria is determined to implement significant changes, moving away from outdated practices to create a more competitive and productive economy.