The Nigerian government has identified three things the country and its citizens would gain from the recent removal from the Financial Action Task Force gray list.
The Ministry of Finance, led by Wale Edun, in a statement on X, explained that the country’s removal from FATF means faster, cheaper remittance for Nigerians in the diaspora.
Also, the federal government stated that the development would bring about easier trade, payments for local businesses, greater investor confidence and new job opportunities.
It added that the move marks a major step forward for the Nigerian economy.
“Nigeria’s removal from the Financial Action Task Force (FATF) gray list marks a major step forward for the economy.
“It means faster, cheaper remittances for Nigerians abroad; Easier trade and payments for local businesses and Greater investor confidence and new job opportunities.
“This achievement restores international trust and opens new doors for sustainable growth”, the Ministry wrote on X.
This comes as Nigeria and South Africa were recently removed from the FATF gray list.
The news of the removal had since then attracted commendations from stakeholders alike.
However, the Director of the Lagos Business School Public Sector Initiative, Prof Franklin Ngwu, warned that without deep reforms, Nigeria risks returning to the Financial Action Task Force (FATF) gray list.
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