A new dawn for Nigeria’s economy, FATF delisting confirms Tinubu’s reform success, by Oluwadare Ayeni

For years, Nigeria’s placement on the Financial Action Task Force (FATF) grey list cast a shadow over the nation’s financial reputation. It strained the economy, discouraged foreign investment, and placed Nigerian financial institutions under intense scrutiny. Businesses faced higher costs when engaging in international transactions, while investors grew cautious about entering the Nigerian market.

The effect extended far beyond Nigeria’s borders. Nigerians abroad experienced tighter restrictions and greater suspicion from foreign financial institutions. Many encountered delays when sending or receiving funds, and banks often subjected their transactions to multiple layers of verification. Families dependent on remittances suffered as legitimate transfers were sometimes withheld or questioned simply because they originated from Nigeria.

Equally, those who legitimately earned money in Nigeria faced significant challenges when trying to invest or purchase properties abroad. Foreign banks and real estate institutions were often hesitant to process large transactions from Nigeria due to the FATF classification, making it extremely difficult for Nigerian entrepreneurs, professionals, and investors to use their hard-earned wealth internationally. This hindered diaspora investment flows and deepened the country’s financial isolation.

Against this background, the FATF’s recent decision in Paris, France, to remove Nigeria from the grey list represents a transformative moment. The FATF, the world’s foremost financial standards body, confirmed that Nigeria has met global benchmarks in combating money laundering, terrorism financing, and related economic crimes.

President Bola Ahmed Tinubu hailed the decision as a defining victory in Nigeria’s journey toward financial stability, transparency, and international credibility. He described it as an acknowledgment of his administration’s determination to rebuild institutions, restore investor trust, and strengthen Nigeria’s position in the global economy.

The President extended deep appreciation to key officials whose collective dedication made this achievement possible, including the Secretary to the Government of the Federation, the National Security Adviser, and the Ministers of Finance, Budget and Economic Planning, Defence, Foreign Affairs, Solid Minerals, and Aviation. He also commended the National Assembly and the Judiciary for their roles in aligning Nigeria’s legal and institutional systems with international compliance standards.

President Tinubu gave special recognition to Ms. Hafsat Abubakar Bakari, the Director and Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), and her team, whose relentless work ensured the effective and timely implementation of Nigeria’s national action plan. Their commitment, he noted, helped strengthen the nation’s anti-financial crime framework and promoted accountability within its financial institutions.

Nigeria’s removal from the FATF list holds far-reaching economic and political significance. It enhances investor confidence, improves access to international credit, and positions Nigeria as a credible destination for global partnerships and foreign direct investment. Banks and financial operators will now face fewer compliance barriers, enabling smoother cross-border operations and improved international trust.

For Nigerians abroad, the delisting will ease remittance processes, reduce transaction delays, and improve how foreign banks perceive financial dealings involving Nigeria. It will also make it easier for Nigerians who have built legitimate wealth at home to invest or acquire properties abroad without unfair restrictions. This renewed financial credibility opens the door for greater economic integration between Nigeria and the global financial system, benefiting both citizens and businesses.

Politically, this development underscores President Tinubu’s image as a reform-minded leader who delivers tangible progress through disciplined governance and economic realism. It signals that Nigeria is not only open for business but also committed to fairness, accountability, and transparent financial practices.

With this milestone, Nigeria has entered a new era of credibility, responsibility, and renewed optimism. The FATF delisting demonstrates that, under purposeful leadership and coordinated reform, Nigeria can overcome structural challenges, rebuild institutions, and regain its rightful place among trusted global partners.

This achievement goes beyond technical compliance; it is a statement of national revival, proof that Nigeria, through the vision of its leadership and the resilience of its people, is reclaiming its integrity, dignity, and confidence on the world stage.

Oluwadare Ayeni, PhD
Associate Professor of African Democratic Studies and Public Governance