Abuja: Nigeria’s removal from the Financial Action Task Force (FATF) grey list is a significant milestone that strengthens the country’s financial credibility. Dr. Jobson Ewalefoh, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), made this known in a statement issued by Mr. Ifeanyi Nwoko, Acting Head, Media and Publicity, ICRC, in Abuja.
According to News Agency of Nigeria, Ewalefoh said the removal repositions Nigeria as one of Africa’s most attractive destinations for investment. The FATF grey list identifies countries with gaps in anti-money laundering and financial transparency controls. Ewalefoh emphasized that exiting the list signaled improved financial governance, reduced perceived investment risk, and reassured global investors of Nigeria’s commitment to international financial standards.
The director-general noted that the decision reflected the economic stability and reforms under President Bola Tinubu’s leadership. He acknowledged the role of key institutions such as the Nigerian Financial Intelligence Unit, Central Bank of Nigeria, Securities and Exchange Commission, and the Ministries of Finance and Justice in strengthening the compliance framework to achieve this milestone.
Ewalefoh highlighted that the delisting is expected to trigger a renewed influx of private capital into Nigeria’s infrastructure space, particularly in efforts to close the country’s well-documented infrastructure financing gap. He stated, “Nigeria now carries a cleaner financial risk profile. This means lower risk premiums, easier cross-border transactions, and stronger investor confidence.”
The director-general further explained that Nigeria’s infrastructure deficit, estimated at over 2.3 trillion dollars, requires a sustained annual investment of about 100 billion dollars until 2043. He expressed optimism that renewed investor confidence after the FATF delisting will accelerate efforts to close the gap through well-structured Public-Private Partnerships (PPPs) and private sector financing models.
Ewalefoh emphasized that the ICRC believes this milestone will attract institutional investors, impact funds, and global financiers seeking credible, transparent, and rewarding investment opportunities in Nigeria’s infrastructure space. He also noted the ICRC’s efforts under President Tinubu’s leadership to streamline PPP processes and fast-track project delivery.
Finally, Ewalefoh called on local and international investors to seize the opportunity to partner with the Nigerian government in developing key infrastructure projects in transportation, power, water, healthcare, and technology. He declared, “Nigeria is open for business like never before. With FATF’s delisting and our strengthened PPP framework, the stage is set for a new wave of infrastructure investment that will redefine Nigeria’s economic landscape.”