By Otega Ogra, Senior Special Assistant to the President on Digital Engagement, Strategy, and New Media
When President Bola Ahmed Tinubu assumed office in 2023, he made it clear that Nigeria could no longer afford to operate on a broken foundation. He moved swiftly to tackle the deep-rooted structural and institutional challenges that had held the economy back for decades.
From exchange rate unification to tax reforms, fuel subsidy removal, customs modernisation, fiscal tightening, and the clean-up of financial leakages, President Tinubu has consistently taken bold and sometimes difficult decisions to restore macroeconomic stability and rebuild investor confidence. These reforms have strengthened transparency, reduced waste, and positioned Nigeria for long-term growth.
This week, that reform journey reached another milestone: Nigeria’s official removal from the Financial Action Task Force (FATF) Grey List — the global watchlist for countries under enhanced monitoring for money laundering and terrorism financing risks.
This milestone reflects the success of coordinated efforts across key financial and regulatory institutions — including the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU) — all of which have implemented stronger compliance systems, improved due diligence processes, and enhanced transparency in financial transactions.
What This Means Going Forward for Businesses
Restored Global Confidence
Nigeria’s removal from the FATF Grey List sends a powerful signal to international investors, financial institutions, and development partners that our systems are credible, transparent, and globally trusted.
Easier Cross-Border Transactions
Nigerian businesses can now enjoy smoother cross-border payments, improved access to global financial systems, and reduced trade and investment restrictions.
Boost for Foreign Investment
The FATF decision enhances Nigeria’s international risk rating, facilitating easier capital inflows, partnership formation, and operational expansion within the country.
Stronger Naira and Trade Outlook
With over $20 billion in annual remittances, restored confidence in Nigeria’s financial system will help stabilise the naira, attract capital inflows, and strengthen the overall business environment.
The Bigger Picture
Since day one, President Tinubu has made tough but necessary calls — not just to deliver short-term wins, but to lay the foundation for Nigeria’s long-term stability, productivity, and prosperity. Through the Renewed Hope Agenda, the building blocks of a truly resilient and globally competitive nation are being set.
These reforms are about more than policy; they are about creating a Nigeria that works — a nation where integrity, innovation, and hard work define our economy. The removal from the FATF Grey List is further proof that progress is being made and that the world recognises Nigeria’s determination to do things right.
As the President often reminds us, the road to greatness requires sacrifice, unity, and faith in our collective future. The Renewed Hope Agenda calls on every Nigerian — in government, business, and civil society — to join hands in building the strong, prosperous, and just nation we all desire.
