By Onu Okorie
The Minister of State for Finance Dr. Doris Uzoka-Anite has said that President Tinubu’s vision of a $1 trillion economy is now more achievable than ever.
This was part of statement made available to media yesterday in Abuja.
She stated that with restored global credibility, Nigeria can attract the foreign investment needed to develop the infrastructure, create jobs, and lift millions out of poverty.
According to the Minister, “Our capital markets can become the engine that powers this transformation – but only if we maintain the integrity and transparency that we’ve worked so hard to establish.”
The Minister also said that Nigeria implemented comprehensive reforms that transformed the financial system over the past two and a half years.
The Minister explained that Nigeria was officially removed from the grey list at the Financial Action Task Force FATF Plenary in Paris, France, designation that had constrained the financial system and limited opportunities for ordinary Nigerians since February 2023.
“We enacted and enforced critical legislation – the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022.
“We operationalized a Beneficial Ownership Register that brings transparency to corporate ownership. We strengthened intelligence sharing between law enforcement agencies and enhanced supervisory measures for banks and other financial institutions.
We didn’t just pass laws on paper.
“We ensured they were implemented in practice. We increased prosecutions of financial crimes. We applied sanctions to institutions that failed to comply with anti-money laundering requirements. We improved detection of illegal cash movements across our borders.”
She explained that as the Minister of State for Finance, she had the privilege of coordinating critical aspects of this reform with regulatory agencies and the private sector. “I worked closely with the Corporate Affairs Commission to operationalize the Beneficial Ownership Register, ensuring transparency in corporate ownership structures. In fact, the outcome of the BO Register has been transformative—we now have unprecedented visibility into corporate ownership structures, making it significantly harder for illicit actors to hide behind shell companies and enhancing our ability to track suspicious financial flows.”
“I collaborated with the National Insurance Commission to strengthen supervisory measures in the insurance sector, and partnered with Nigeria Customs Service to enhance detection and enforcement at our borders. Our work with the Securities and Exchange Commission and the Central Bank of Nigeria ensured that our financial markets met global standards for transparency and integrity. The passage of the Investment and Securities Act 2025, which I championed alongside other stakeholders, was a key component of our broader commitment to financial integrity and investor protection.”
“Our removal from the grey list is not a finish line. It is a new starting line. As South Africa’s Revenue Service Commissioner wisely noted, this is “not a finish line but a milestone on a long-term journey toward building a robust and resilient financial ecosystem.”
“We have already been invited to join the FATF Guest Jurisdictions Initiative, which means Nigeria will participate under its own flag in FATF meetings for the next year – a recognition of our growing credibility in global financial governance”.
“But our work continues. We must sustain these reforms and build on this momentum. We must continue strengthening our institutions, enhancing transparency, and ensuring that Nigeria’s financial system remains a force for legitimate economic growth, not illicit activity.”
“This is a moment for every Nigerian to feel proud. We have shown the world that Nigeria can reform, that we can meet international standards, and that we can deliver on our commitments. We have proven that when we work together – government, private sector, civil society, and citizens – we can achieve extraordinary things.” She explained.
She explained that President Bola Ahmed Tinubu provided unwavering commitment to this cause from day one and understood that Nigeria’s global credibility was at stake and gave clear directives to complete this reform, no matter how difficult. “Under his leadership, we implemented bold economic reforms, from fuel subsidy removal to foreign exchange harmonization, that demonstrated Nigeria’s seriousness about building a transparent, rule-based economy.”
Uzoka-Anite said that the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun coordinated the complex effort across multiple agencies with exceptional skill and determination. His vision was clear from the outset:
