Cynthia Ezegwu
The Infrastructure Concession Regulatory Commission (ICRC) has described Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a major milestone that enhances the country’s financial credibility and strengthens investor confidence.
Director-General of the ICRC, Dr. Jobson Ewalefoh, stated this in Abuja on Friday in a statement issued by the Acting Head of Media and Publicity, Mr. Ifeanyi Nwoko. He said the delisting repositions Nigeria as one of Africa’s most attractive destinations for investment.
Ewalefoh explained that the FATF grey list identifies countries with weaknesses in anti-money laundering and financial transparency controls, adding that Nigeria’s exit from the list reflects improved financial governance and reduced investment risk.
According to him, the decision reaffirms the nation’s commitment to global financial standards and signals growing economic stability under President Bola Tinubu’s administration.
“The delisting marks a strong vote of confidence in Nigeria’s reforms and commitment to transparency. It also reassures global investors of our readiness to engage in credible financial partnerships,” he said.
He credited the achievement to the efforts of key institutions including the Nigerian Financial Intelligence Unit (NFIU), the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), and the Federal Ministries of Finance and Justice.
Ewalefoh said the development is expected to boost inflows of private capital into Nigeria’s infrastructure sector, helping to bridge the country’s estimated $2.3 trillion infrastructure deficit.
“Nigeria now carries a cleaner financial risk profile. This means lower risk premiums, easier cross-border transactions, and stronger investor confidence,” he said. “For us at the ICRC, this directly supports our mission to attract innovative financing that will help bridge Nigeria’s infrastructure gap.”
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He noted that addressing the deficit would require sustained annual investments of about $100 billion until 2043, expressing optimism that renewed investor trust following the FATF delisting would accelerate private-sector participation through Public-Private Partnerships (PPPs).
Ewalefoh said the ICRC under President Tinubu’s leadership has been repositioned for greater efficiency, with streamlined PPP processes and updated regulatory frameworks to fast-track project delivery. He also highlighted the Presidential approval for new project thresholds — ₦20 billion and ₦10 billion for Ministries, Departments and Agencies (MDAs) — as a step to accelerate project execution.
“The Commission has also issued a comprehensive regulatory framework providing clear, step-by-step guidelines from project conception to hand-back,” he added.
Ewalefoh urged both local and international investors to take advantage of Nigeria’s improved financial standing and collaborate with the government in developing key projects across transportation, power, healthcare, water, and technology sectors.
“Nigeria is open for business like never before,” he said. “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.”