In a significant move to address Nigeria’s financial challenges and advance its digital transformation agenda, the National Information Technology Development Agency (NITDA) and the Nigeria Financial Intelligence Unit (NFIU) have announced plans for Project Exit: Upgrade of NFIU Data Management System and Compliance Platform.
This initiative follows the findings of the Mutual Evaluation Report (MER) of Nigeria, which highlighted deficiencies in data availability and statistical analysis, impacting the understanding of Money Laundering (ML) and Terrorism Financing (TF) risks.
The project aims to achieve FATF compliance, enhance NFIU’s operational capacity through automation and intelligence integration, and establish a robust framework for long-term operation.
The collaboration seeks to position Nigeria as a global leader in financial intelligence and AML/CFT practices.
The initiative has received approval from President Bola Ahmed Tinubu, and the project is expected to help Nigeria exit the Financial Action Task Force (FATF) Grey List.
The collaboration will leverage advanced technology to strengthen Nigeria’s financial intelligence infrastructure and improve its standing in global financial systems.
