By Okeoghene Akubuike
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.
Ewalefoh said the removal also repositions Nigeria as one of Africa’s most attractive destinations for investment.
He said The FATF grey list identifies countries with gaps in anti-money laundering and financial transparency controls.
Ewalefoh said 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 said the decision reflected the economic stability and reforms being driven under the leadership of President Bola Tinubu.
He also acknowledged the role of key institutions such as the Nigerian Financial Intelligence Unit, Central Bank of Nigeria, Securities and Exchange Commission, Ministries of Finance and Justice in strengthening compliance framework and attaining the feat.
According to Ewalefoh, 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.
“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.
“Nigeria’s clean financial bill means lower risk premiums, smoother cross-border transactions, and renewed investor confidence.
“It directly strengthens our mission at ICRC to attract innovative financing that bridges Nigeria’s infrastructure gap.”
The director-general said Nigeria’s infrastructure deficit, which is estimated at over 2.3 trillion dollars, requires a sustained annual investment of about 100 billion dollars until 2043.
He noted 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.
“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.”
Ewalefoh said since assuming office, President Tinubu’s policy direction had brought about the repositioning of the ICRC for efficiency and impact.
“Under this leadership, the ICRC has streamlined PPP processes to fast-track project delivery, secured and implemented Presidential approval for new project approval thresholds of N20billion and N10billion 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 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.
“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,” Ewalefoh said. (NAN)(www.nannews.ng)
Edited by Sadiya Hamza
