In a strategic move to boost investor confidence and attract more Foreign Direct Investments (FDIs), the Federal Government has intensified efforts to ensure Nigeria exits the Grey List of the Financial Action Task Force (FATF) by the end of May 2025.
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This was disclosed by the Minister of Interior, Dr. Olubunmi Tunji-Ojo, during a recent meeting with the United Kingdom’s Minister of State for Home Affairs, David Hanson, in Abuja.
Dr. Tunji-Ojo, who co-chairs a high-level committee alongside the Attorney General of the Federation and Minister of Justice, Mr. Lateef Fagbemi, SAN, said the government is working closely with the Nigeria Financial Intelligence Unit (NFIU) to strengthen the country’s anti-money laundering and counter-terrorism financing frameworks.
“Nigeria was previously on the Black List but was moved to the Grey List in February 2023. Our goal is to achieve White List status by the end of this month, and we are working round the clock to meet that target,” the minister stated.
He emphasized the link between financial crimes and national insecurity, noting that illicit funding fuels terrorism and other threats. “To tackle insecurity, we must address the issue of fraud and illicit financial flows. It is in our national interest to do so.”
The minister further stressed that restoring Nigeria’s credibility on the global financial stage is key to economic recovery and long-term growth.
“Nigeria is a nation of over 230 million people with vast economic potential. But population alone does not drive prosperity. We need investment, and that requires trust. Investors must be assured of the integrity of our financial system.”
He added that the Tinubu administration is committed to creating a globally competitive economy under the Renewed Hope Agenda, and exiting the FATF Grey List is a critical step.
According to him, the NFIU is playing a pivotal role in coordinating technical compliance and international collaboration to meet FATF standards. “There is a firm directive from President Tinubu for Nigeria to exit the Grey List. Our government is fully aligned in its efforts and is open to all forms of regional and global partnerships necessary to achieve this goal.”
Dr. Tunji-Ojo concluded by acknowledging the reputational damage that Nigeria’s FATF status has caused, particularly its negative impact on investment inflows, economic growth, and per capita income.
“We must do things differently. Exiting the Grey List is not just a technical milestone; it is an economic imperative,” he said.
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