Nigeria’s removal from the Financial Action Task Force (FATF) grey list marks a major milestone that strengthens the country’s financial credibility, according to the Infrastructure Concession Regulatory Commission.
Director-General of the ICRC, Dr Jobson Ewalefoh, stated this in Abuja on Friday in a release issued by the commission’s Acting Head of Media and Publicity, Mr. Ifeanyi Nwoko.
Ewalefoh said Nigeria’s removal from the FATF grey list repositions the country as one of Africa’s most attractive investment destinations.
He explained that the FATF grey list identifies countries with deficiencies in anti-money laundering and financial transparency controls.
According to him, Nigeria’s exit from the list signals improved financial governance, reduced perceived investment risks, and reassures global investors of the nation’s commitment to international financial standards.
The Director-General added that the decision reflects the economic stability and reforms being championed under the leadership of President Bola Tinubu.
He acknowledged the contributions of key institutions such as the Nigerian Financial Intelligence Unit, Central Bank of Nigeria, Securities and Exchange Commission, and the Federal Ministries of Finance and Justice in strengthening the compliance framework that led to this achievement.
Ewalefoh noted that the delisting is expected to trigger a renewed influx of private capital into Nigeria’s infrastructure sector, helping to close the nation’s significant infrastructure financing gap.
“Nigeria now carries a cleaner financial risk profile. This means lower risk premiums, easier cross-border transactions, and stronger investor confidence.
“For us at the ICRC, this directly supports our mission to attract innovative financing that will help bridge Nigeria’s infrastructure gap,” he said.
He emphasized that Nigeria’s infrastructure deficit, estimated at over $2.3 trillion, requires a sustained annual investment of about $100 billion until 2043.
Ewalefoh expressed confidence that renewed investor trust following the FATF delisting will accelerate efforts to close this gap through well-structured Public-Private Partnerships (PPPs) and private sector-led financing models.
“The ICRC believes this milestone will serve as a magnet for institutional investors, impact funds, and global financiers seeking credible, transparent, and rewarding investment opportunities in Nigeria’s infrastructure space,” he added.
The Director-General highlighted that since Tinubu assumed office, his policy direction has repositioned the ICRC for greater efficiency and impact.
“Under this leadership, the ICRC has streamlined PPP processes to fast-track project delivery and implemented Presidential approval for new project thresholds of ₦20 billion and ₦10 billion for MDAs, to accelerate smaller projects.
“The Commission has also issued a comprehensive regulatory framework providing clear, step-by-step guidelines from project conception to hand-back,” he said.
Ewalefoh called on local and international investors to seize the opportunity to partner with the Nigerian government in developing key infrastructure projects across transportation, power, water, healthcare, and technology sectors.
“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,” he said.
(NAN)
