Nigeria EU high-risk removal: Enhanced due diligence lifted, boosting trade, investor confidence, and cross-border transactions with European partners

The European Union has officially removed Nigeria from its list of high-risk jurisdictions for money laundering and terrorism financing, a move expected to ease cross-border transactions and enhance investor confidence.

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The update, published on the European Commission’s website, follows Nigeria’s removal from the Financial Action Task Force greylist in 2025 after implementing comprehensive anti-money laundering and counter-terrorism financing reforms.

Enhanced due diligence requirements for Nigerian transactions will be lifted from January 29, 2026, pending approval by the European Parliament and the Council of the EU.

“The EU has added new third-country jurisdictions to the list (Bolivia and the British Virgin Islands) and delisted a number of others (Burkina Faso, Mali, Mozambique, Nigeria, South Africa and Tanzania),” the Commission said.

Minister of State for Finance, Dr Doris Uzoka-Anite, hailed the development as a major boost for Nigeria.

Posting on X, she said: “Big win for Nigeria! Removed from the EU’s financial ‘high-risk’. Congrats to President @officialABAT on this achievement. As Minister of State for Finance, I’m proud of this boost to trade and investor confidence.”

Coordinating Minister of the Economy and Minister of Finance, Mr Wale Edun, said the removal signals Nigeria’s commitment to a stable, credible, and transparent business environment.

Speaking at the NESG 2026 Macroeconomic Outlook in Lagos, Edun described the delisting as a “landmark achievement” likely to enhance investor confidence.

Countries on the EU high-risk list face higher transaction costs, stricter correspondent banking relationships, and reduced foreign investment.

With Nigeria’s removal, banks, exporters, fintechs, and other businesses are expected to encounter fewer compliance hurdles, improving trade flows, remittances, and capital inflows.

The delisting also reinforces Nigeria’s financial credibility and its ongoing efforts to curb illicit financial flows while deepening integration into global markets.

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Nigeria exited the FATF greylist in October 2025 after enacting reforms to strengthen its anti-money laundering and counter-terrorism financing framework.