Nigeria has been removed from the European Union’s list of high-risk jurisdictions, a move expected to ease trade, payments and investment flows between the country and Europe, according to a report by Business Insider.

Business Insider reports on Wednesday that the European Commission confirmed that Nigeria, alongside South Africa, Burkina Faso, Mali, Mozambique and Tanzania, had strengthened its AML/CFT regimes and no longer posed “strategic deficiencies” under EU assessment standards.

The commission noted that the affected countries had implemented reforms that brought their financial systems in line with international standards set by the FATF.

Reacting to the development, the Minister of State for Finance, Dr. Doris Uzoka-Anite, described Nigeria’s removal from the list as a major boost to investor confidence.

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

Being on the EU’s high-risk list previously meant that transactions with European partners required enhanced due diligence, stricter documentation, and additional oversight.

Nigerian businesses and banks faced increased scrutiny, which slowed cross-border trade and complicated investment flows. (The PUNCH)