Cynthia Ezegwu
The Infrastructure Concession Regulatory Commission (ICRC) has described Nigeria’s elimination from the Financial Action Task Force (FATF) gray listing as a serious milestone that enhances the nation’s {financial} credibility and strengthens investor confidence.
Director-General of the ICRC, Dr. Jobson Ewalefoh, acknowledged this in Abuja on Friday in an announcement issued by the Acting Head of Media and Publicity, Mr. Ifeanyi Nwoko. He mentioned the delisting repositions Nigeria as one among Africa’s most tasty locations for funding.
Ewalefoh defined that the FATF gray listing identifies nations with weaknesses in anti-money laundering and {financial} transparency controls, including that Nigeria’s exit from the listing displays improved {financial} governance and diminished funding danger.
According to him, the choice reaffirms the nation’s dedication to international {financial} requirements and indicators rising {economic} stability underneath 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 mentioned.
He credited the achievement to the efforts of key establishments together with 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 mentioned the event is anticipated to spice up inflows of personal capital into Nigeria’s infrastructure sector, serving to to bridge the nation’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 mentioned. “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 famous that addressing the deficit would require sustained annual investments of about $100 billion till 2043, expressing optimism that renewed investor belief following the FATF delisting would speed up private-sector participation via Public-Private Partnerships (PPPs).
Ewalefoh mentioned the ICRC underneath President Tinubu’s management has been repositioned for larger effectivity, with streamlined PPP processes and up to date regulatory frameworks to fast-track venture supply. He additionally highlighted the Presidential approval for brand new venture thresholds — ₦20 billion and ₦10 billion for Ministries, Departments and Agencies (MDAs) — as a step to speed up venture 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 each native and worldwide traders to make the most of Nigeria’s improved {financial} standing and collaborate with the federal government in growing key initiatives throughout transportation, energy, healthcare, water, and expertise sectors.
“Nigeria is open for business like never before,” he mentioned. “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.”
