Nigeria’s financial clean bill to unlock billions in infrastructure funding – ICRC

The Infrastructure Concession Regulatory Commission (ICRC) has said that Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list will open doors for more foreign and local investment in the country’s infrastructure sector.

According to the Commission, the delisting marks a major step in improving Nigeria’s global financial image and will help restore investor confidence, especially in sectors like transportation, power, and housing that require huge capital funding.

The Director-General of the ICRC explained that being on the FATF grey list had made it harder for Nigeria to attract international financing because it signaled weaknesses in the country’s financial transparency and anti-money-laundering systems. Now that Nigeria has been cleared, investors are more likely to view the country as a safer and more reliable place to invest.

He added that Nigeria currently faces an infrastructure deficit of about $2.3 trillion and needs around $100 billion in yearly investments to close the gap. With improved investor trust and ongoing public-private partnership (PPP) reforms, the Commission believes Nigeria can now draw more long term funding from global institutions and private players.

The ICRC also noted that President Bola Tinubu’s recent policy reforms have made the PPP process more transparent and efficient, encouraging both local and international participation in key development projects.