On October 24, 2025, Nigeria achieved a historic milestone that will reshape the economic future of our country. At the Financial Action Task Force (FATF) Plenary Session in Paris, France, Nigeria was officially removed from the gray list – a designation that has disrupted our financial system and limited opportunities for ordinary Nigerians from February 2023.
“This is a moment for every Nigerian to feel proud. We have shown the world that Nigeria can improve, that we can meet international standards, and that we can meet our commitments.”
This is not just a bureaucratic achievement or a diplomatic victory. It is about real change that will impact the lives of every Nigerian, from the small business owner in Lagos to the farmer in Kano, the businessman in Owerri to the student seeking opportunities abroad.
What does it mean to you
Let me explain what this achievement means in practical terms. When Nigeria was on the gray list, it meant that other countries viewed our financial system with suspicion. Banks abroad were hesitant to process transactions from Nigeria. Businesses found it harder and more expensive to do business internationally. Young Nigerians faced additional scrutiny when applying for visas or opening bank accounts abroad. Foreign investors should think twice before bringing their capital to our shores.
Now, with exit from the gray list, these hurdles have started to come down. It will be easier and cheaper for Nigerian businesses to do international trade. Our banks can engage more freely with global financial institutions. Foreign investors will see Nigeria as a safer, more reliable destination for their capital. And every day, Nigerians will face less discrimination in the global financial system.
This achievement is particularly significant as we were drawn alongside South Africa, Mozambique and Burkina Faso – a proud moment for Africa as a whole. The FATF President himself called it “a positive story for the African continent”.
Also read: Nigeria's exit from FATF gray list: regaining credibility, restoring confidence and re-igniting growth
how did we get here
This victory belongs to every Nigerian who believed in our ability to reform. But I must acknowledge the extraordinary leadership that made it possible.
President Bola Ahmed Tinubu provided unwavering commitment to this cause from day one. His Excellency understood that Nigeria's global credibility was at stake and gave clear instructions to carry out this reform, no matter how difficult. Under his leadership, we implemented bold economic reforms, from fuel subsidy removal to foreign exchange reconciliation, that demonstrated Nigeria's seriousness about building a transparent, rules-based economy.
The Honorable Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun coordinated this complex effort among multiple agencies with extraordinary skill and determination. His vision was clear from the beginning: “Nigeria's ambition was not limited to just completing the action plan and getting out of the gray list. Our focus has been on driving reforms and strengthening institutions.” It wasn't just about ticking boxes; It was about real change.
I must also commend the exemplary leadership of Hajiya Hafsat Abubakar Bakri, CEO of the Nigerian Financial Intelligence Unit (NFIU). He coordinated the implementation of a rigorous 19-point action plan with remarkable precision and tenacity. When we were faced with three outstanding action items as the March deadline of February 2025 approached, Ms Bakri's call for immediate action activated the entire government machinery. His technical expertise and tireless advocacy played a vital role in keeping Nigeria on track. As he rightly said, this achievement was “a true test of Nigeria’s resilience, coordination and commitment to reform.”
The Office of the National Security Advisor deserves special commendation for the exceptional coordination of all security agencies throughout this process. Their strategic oversight ensured seamless collaboration between law enforcement and intelligence agencies, which was critical to meeting our compliance obligations.
My colleagues at the FEC, the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, and the Minister of the Interior, Dr. Olubunmi Tunji-Ojo, worked tirelessly to ensure that the legal framework and enforcement mechanisms were strengthened across the board.
the work we did
Over the past two and a half years, Nigeria implemented sweeping reforms that transformed our financial system. We enacted and enacted important laws – the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022. We operated a beneficial ownership register that brings transparency to corporate ownership. We strengthened intelligence sharing among law enforcement agencies and enhanced supervisory measures for banks and other financial institutions.
We didn't just pass the law on paper. We ensured that they were implemented in practice. We increased prosecutions of financial crimes. We imposed sanctions on institutions that failed to comply with anti-money laundering requirements. We have improved detection of illicit cash movement across our borders.
As Minister of State for Finance, I had the privilege of coordinating important aspects of this reform with regulatory agencies and the private sector. I worked closely with the Corporate Affairs Commission to operate the Beneficial Ownership Register, ensuring transparency in corporate ownership structures. Indeed, the outcome of the BO Register has been transformational – we now have unprecedented visibility into corporate ownership structures, making it significantly harder for illicit actors to hide behind shell companies and increasing our ability to track suspicious financial flows.
I collaborated with the National Insurance Commission to strengthen supervisory measures in the insurance sector and partnered with the Nigeria Customs Service to enhance detection and enforcement at our borders. Our work with the Securities and Exchange Commission and the Central Bank of Nigeria ensured that our financial markets meet global standards for transparency and integrity. Passage of the Investments and Securities Act of 2025, which I supported along with other stakeholders, was a key component of our broader commitment to financial integrity and investor protection.
Also read: FATF exit reopens doors for capital, Naira removed
what comes next
Our removal from the gray list is not a finish line. This is a new starting line. As South Africa's Revenue Service Commissioner wisely said, this is “not a finish line but a milestone on a long-term journey towards building a strong and resilient financial ecosystem.”
We have already been invited to join the FATF Guest Jurisdiction Initiative, meaning that Nigeria will participate under its flag in FATF meetings for the next year – a recognition of our growing credibility in global financial governance.
But our work continues. We need to sustain these reforms and carry this momentum forward. We must continue to strengthen our institutions, increase transparency, and ensure that Nigeria's financial system remains a force for legitimate economic growth, not illicit activity.
President Tinubu's dream of a $1 trillion economy is now more achievable than ever. With restored global credibility, Nigeria can attract the foreign investment needed to develop its infrastructure, create jobs, and lift millions of people out of poverty. Our capital markets can become the engine powering this change – but only if we maintain the integrity and transparency we have worked so hard to establish.
moment of glory
This is a moment for every Nigerian to feel proud. We have shown the world that Nigeria can improve, that we can meet international standards, and that we can meet our commitments. We have proven that when we work together – government, private sector, civil society and citizens – we can achieve extraordinary things.
To President Tinubu, thank you for your visionary leadership. To Minister Welle Edun, thank you for your strategic coordination. To Hajiya Hafsat Bakri and the entire team at NFIU, thank you for your technical excellence and tireless dedication. Thank you to the National Security Advisor and all security agencies for your exemplary coordination. To the Attorney-General, the Secretary of the Interior, and all the agencies that contributed to this success, thank you for your service to our nation.
And to every Nigerian: This achievement is yours. It opens doors that were previously closed. It creates opportunities that were previously out of reach. It restores the dignity of our nation in the global community.
We have laid the foundation. Let us now build the future we deserve – a Nigeria that is prosperous, transparent and respected on the world stage.
Dr. Doris Uzoka-Anite, CFA; Honorable Minister of State for Finance.
