Hafsat Bakari was appointed as CEO of the Nigerian Financial Intelligence Unit in February of this year. Credits: GettyImages/Karo Kes

Nigeria’s Oil and Gas Free Zones Authority (OGFZA) and the Nigerian Financial Intelligence Unit (NFIU) are set to collaborate to attract foreign direct investment.  

OGFZA’s Director and CEO Bamanga Usman Jada visited NFIU’s Director and CEO Hajiya Hafsat Bakari’s office in Abuja to discuss what the partnership will look like.  

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Preventing corruption 

A priority for the organization will be to prevent corruption in oil and gas free zones. They’re shared goals are mainly in the areas of anti-money laundering and counter-terrorism financing.  

They are launching a program to improve regulatory oversight of oil and gas free zones which will include workshops, seminars and programs designed to educate stakeholders on global best practices in financial transparency and accountability.  

Closing loopholes and increasing due diligence in these economic zones would attract more “credible” investors to the sector. Specifically, it would help improve Nigeria’s investor attractiveness ranking.  

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NFIU targeting financial crime 

The NFIU has stepped up efforts to address financial crime, particularly by prioritising the removal of Nigeria from the money-laundering ‘grey list.’ 

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Bakari has emphasised the need to address the problem alongside international partners to remedy Nigeria’s reputation. 

“Furthermore, recognising that our remit extends beyond the border of Nigeria and also that the nature of serious crime is trans-national, and the proceeds of crime knows no borders or boundaries, we have strengthened our international partnerships,” she stated.  

Nigeria was placed on the Financial Action Task Force’s (FATF) ‘grey list’ in 2023. The FATF is an anti-money laundering watchdog. While a country is on the list, they are subject to increased monitoring from the agency.  

A 2021 study by the International Monetary Fund showed that countries on the list experience a “large and statistically significant reduction in capital inflows.” 

Special economic zones 

While special economic zones are often suggested as an FDI incentive, Nigeria’s case shows how these have to be paired with economic and political stability to compete on the world stage.