FATF delisting puts pressure on Nigeria to deliver infrastructure results – ICRC

The Infrastructure Concession Regulatory Commission (ICRC) says Nigeria’s removal from the Financial Action Task Force (FATF) grey list is not just a diplomatic win but places greater responsibility on the government to prove it can translate improved financial credibility into real infrastructure outcomes.

Director-General of the ICRC, Dr. Jobson Ewalefoh, in a statement issued Friday in Abuja, noted that while the delisting enhances Nigeria’s image in the global financial system, it also raises investor expectations for faster project delivery and measurable results.

Ewalefoh stressed that Nigeria must now demonstrate that its improved compliance with international financial standards will lead to transparent and well-executed Public-Private Partnership (PPP) projects, not just new investment announcements.

He pointed out that critical institutions — including the Nigerian Financial Intelligence Unit, Central Bank of Nigeria, Securities and Exchange Commission, and relevant ministries — played key roles in strengthening the country’s financial governance framework, adding that sustained reform is crucial to keeping investor confidence

According to the ICRC, Nigeria’s infrastructure deficit, estimated at over $2.3 trillion, requires long-term private sector financing of about $100 billion annually until 2043 — a target Ewalefoh said can only be met if the improved financial reputation translates into efficient project execution.

“With this delisting, investors will expect less bureaucracy, faster financial closure on PPP projects, and more accountability,” he said, adding that the ICRC will be judged not by policy statements but by the success of projects delivered.

Ewalefoh noted that recent reforms under President Bola Tinubu — including streamlined PPP processes and updated approval thresholds for Ministries, Departments, and Agencies — are intended to accelerate infrastructure delivery. However, he acknowledged that global financiers will be watching for evidence of consistency and transparency in implementation.

He urged both local and international investors to partner with the government but emphasized that credibility will now depend on Nigeria’s ability to turn investment interest into executed projects across transportation, power, water, healthcare, and technology.

“Nigeria’s delisting is a new beginning, not a finish line,” Ewalefoh said. “Now we must prove that improved financial governance can produce real infrastructure outcomes that change lives.”