By Doris Uzoka-Anite

On October 24, 2025, Nigeria achieved a historic milestone that will reshape our nation’s economic future. At the Financial Action Task Force (FATF) Plenary in Paris, France, Nigeria was officially removed from the grey list – a designation that had constrained our financial system and limited opportunities for ordinary Nigerians since February 2023.

This is not just a bureaucratic achievement or a diplomatic win. This is about real change that will touch the lives of every Nigerian; from the small business owner in Lagos to the farmer in Kano, from the trader in Owerri to the student seeking opportunities abroad.

What This Means for You:

Let me explain what this achievement means in practical terms. When Nigeria was on the grey 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 trade internationally. Young Nigerians faced additional scrutiny when applying for visas or opening bank accounts overseas. Foreign investors thought twice before bringing their capital to our shores.

Now, with our exit from the grey list, these barriers begin to fall. Nigerian businesses will find it easier and cheaper to conduct international trade. Our banks can engage more freely with global financial institutions. Foreign investors will view Nigeria as a safer, more credible destination for their capital. And everyday Nigerians will face less discrimination in the global financial system.

This achievement is particularly significant because we were removed alongside South Africa, Mozambique, and Burkina Faso – a proud moment for Africa as a whole. The FATF President herself called it “a positive story for the continent of Africa.”

How We Got Here:

This victory belongs to every Nigerian who believed in our capacity for 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 directives to complete this reform, no matter how difficult. Under his leadership, we implemented bold economic reforms, from fuel subsidy removal to foreign exchange harmonization, that demonstrated Nigeria’s seriousness about building a transparent, rule-based economy.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun coordinated this complex effort across multiple agencies with exceptional skill and determination. His vision was clear from the outset: “Nigeria’s ambition was never limited to simply completing the Action Plan and exiting the grey list. Our focus has been on driving reforms and strengthening institutions.” This was not just about ticking boxes; it was about genuine transformation.

I must also recognize the exemplary leadership of Hajiya Hafsat Abubakar Bakari, CEO of the Nigerian Financial Intelligence Unit (NFIU). She coordinated the implementation of a rigorous 19-point Action Plan with remarkable precision and persistence. When we faced three outstanding action items in February 2025 with a March deadline looming, Ms. Bakari’s urgent call to action galvanized the entire government machinery. Her technical expertise and tireless advocacy were instrumental in keeping Nigeria on track. As she rightly said, this achievement was “a true test of Nigeria’s resilience, coordination, and commitment to reform.”

The Office of the National Security Adviser deserves special commendation for the exceptional coordination of all security agencies throughout this process. Their strategic oversight ensured seamless collaboration across law enforcement and intelligence agencies, which was critical to meeting our compliance obligations.

My colleagues at FEC, the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, and the Minister of Interior, Dr. Olubunmi Tunji-Ojo, worked relentlessly to ensure that legal frameworks and enforcement mechanisms were strengthened across the board.

The Work We Did:

Over the past two and a half years, Nigeria implemented comprehensive reforms that transformed our financial system. We enacted and enforced critical legislation – the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022. We operationalized a Beneficial Ownership Register that brings transparency to corporate ownership. We strengthened intelligence sharing between law enforcement agencies and enhanced supervisory measures for banks and other financial institutions.

We didn’t just pass laws on paper. We ensured they were implemented in practice. We increased prosecutions of financial crimes. We applied sanctions to institutions that failed to comply with anti-money laundering requirements. We improved detection of illegal cash movements across our borders.

As Minister of State for Finance, I had the privilege of coordinating critical aspects of this reform with regulatory agencies and the private sector. I worked closely with the Corporate Affairs Commission to operationalize the Beneficial Ownership Register, ensuring transparency in corporate ownership structures. In fact, the outcome of the BO Register has been transformative—we now have unprecedented visibility into corporate ownership structures, making it significantly harder for illicit actors to hide behind shell companies and enhancing 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 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 met global standards for transparency and integrity. The passage of the Investment and Securities Act 2025, which I championed alongside other stakeholders, was a key component of our broader commitment to financial integrity and investor protection.

What Comes Next:

Our removal from the grey list is not a finish line. It is a new starting line. As South Africa’s Revenue Service Commissioner wisely noted, this is “not a finish line but a milestone on a long-term journey toward building a robust and resilient financial ecosystem.”

We have already been invited to join the FATF Guest Jurisdictions Initiative, which means Nigeria will participate under its own flag in FATF meetings for the next year – a recognition of our growing credibility in global financial governance.

But our work continues. We must sustain these reforms and build on this momentum. We must continue strengthening our institutions, enhancing transparency, and ensuring that Nigeria’s financial system remains a force for legitimate economic growth, not illicit activity.

President Tinubu’s vision of a $1 trillion economy is now more achievable than ever. With restored global credibility, Nigeria can attract the foreign investment we need to develop our infrastructure, create jobs, and lift millions out of poverty. Our capital markets can become the engine that powers this transformation – but only if we maintain the integrity and transparency that we’ve worked so hard to establish.

A Moment of Pride:

This is a moment for every Nigerian to feel proud. We have shown the world that Nigeria can reform, that we can meet international standards, and that we can deliver on 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 Wale Edun, thank you for your strategic coordination. To Hajiya Hafsat Bakari and the entire team at NFIU, thank you for your technical excellence and relentless dedication. To the National Security Adviser and all security agencies, thank you for your exemplary coordination. To the Attorney-General, the Minister of 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 dignity to our nation in the global community.

We have laid the foundation. Now let us build the future we deserve – a Nigeria that is prosperous, transparent, and respected on the world stage.

–Uzoka-Anite, CFA is Nigeria’s Minister of State for Finance