Hot Source•Lauds anti-graft agencies, inter-agency task team
•Calls for sustenance of reforms on beneficial ownership disclosure
Emmanuel Addeh in Abuja
The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday stressed that Nigeria’s recent removal from the Financial Action Task Force (FATF) Grey List will lower international financial costs and improve the country’s global capital access.
In a statement signed by the organisation’s Director, Communication & Stakeholders Management, Obiageli Onuorah, NEITI stated that another key benefit of delisting of Nigeria is that it will boost the country’s international credibility and investor confidence.
NEITI’s Executive Secretary, Dr Ogbonnaya Orji, who outlined the far-reaching positive implications of the delisting on Nigeria’s economy, governance, and investment climate, pointed out that Nigeria’s exit sends a clear signal that its financial system is increasingly compliant with global transparency and integrity standards.
According to him, this will make the country more attractive for foreign investment and international partnerships, as well as benefit the country in terms of reduced risk ratings, more efficient cross-border transactions, and improved access to international finance and correspondent banking services.
“With the stigma of high-risk status removed, the private sector especially the extractive industries, will benefit from increased investor interest, smoother trade flows, and greater confidence in Nigeria’s financial governance,” he said.
NEITI emphasised that beyond financial markets, the delisting reflects the strengthening of Nigeria’s institutional reforms and the increased effectiveness of key anti-corruption and regulatory agencies, including the Bureau of Public Procurement (BPP), Central Bank of Nigeria (CBN), Federal Ministry of Justice, diplomatic missions, among others.
Orji stressed that improved financial system integrity provides a more credible foundation for extractive-sector governance, revenue tracking, and anti-corruption reforms.
He added: The momentum should now be used to: Sustain reforms on beneficial ownership disclosure and open contracting; strengthen oversight of extractive revenue flows; and deepen collaboration with global transparency and accountability institutions.
“The FATF delisting is not just a regulatory success, it is a governance success. It strengthens Nigeria’s standing in the international transparency community and reinforces NEITI’s work to ensure openness, accountability, and integrity in the extractive industry,” Orji affirmed.
He reiterated the agency’s commitment to work closely with the anti-corruption community, development partners to consolidate the gains, prevent policy reversals, and deepen ongoing reforms to ensure Nigeria never returns to the grey list.
Also, NEITI commended Nigeria’s anti-corruption and financial integrity institutions for securing the milestone, describing the development as “a strong vote of confidence in Nigeria’s reforms to combat corruption, improve financial transparency, and strengthen accountability systems across all sectors of the economy.”
Orji explained that the delisting follows demonstrable improvements in the effectiveness of Nigeria’s Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework, enhanced regulatory oversight, and sustained collaboration among key national stakeholders.
He highlighted the value of existing Memoranda of Understanding (MoUs) between NEITI and the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), and the Independent Corrupt Practices Commission (ICPC), among others, as effective platforms for information and data sharing to track money laundering, illicit financial flows.
He further acknowledged the ‘excellent work’ of 24 member agencies under the Inter-Agency Task Team (IATT) chaired by NEITI, supported by the Technical Unit on Governance and Anti-Corruption Reforms (TUGAR), adding that strong political will and a policy of non-interference by the federal government were instrumental to the achievement.
Besides, Orji also commended the media and civil society for their vigilance, advocacy, public awareness campaigns, and “naming and shaming” efforts which strengthened public accountability and deterrence.
