The Revenue Mobilisation Allocation and Fiscal Commission, RMAFC, has warned that Nigeria risks losing critical investment opportunities if urgent reforms are not implemented to address bureaucratic delays and streamline business registration processes.
The concern was raised during a courtesy visit by a delegation of the Commission, led by Enefe Ekene, to the Minister of Industry, Trade and Investment, Jumoke Oduwole, in Abuja.
Ekene noted that delays of up to two to three weeks for company registration are no longer competitive in today’s fast-paced global investment climate, where investors demand seamless and predictable processes.
“The world has moved on. Investors expect seamless, one-stop-shop systems where critical processes such as company registration are completed within days, not weeks.
According to a statement issued by Maryam Umar Yusuf, Head of Information and Public Relations Unit at RMAFC, Ekene also noted that “If we fail to meet these expectations, we risk losing valuable investment opportunities.”
He explained that inefficiencies within the system continue to discourage both domestic and foreign investors, many of whom operate within strict timelines and may turn to more business-friendly jurisdictions.
Ekene further underscored the Commission’s evolving mandate, stressing the need to move beyond revenue allocation to actively supporting initiatives that can expand Nigeria’s revenue base through improved investment inflows.
“As a Commission, we must move beyond revenue distribution to actively supporting initiatives that will grow the nation’s revenue. By improving the investment climate, we can significantly enhance national earnings and drive sustainable economic growth,” he added.
Responding, Oduwole acknowledged existing challenges but highlighted ongoing reforms aimed at improving service delivery and strengthening institutional coordination, in line with the agenda of President Bola Ahmed Tinubu.
She noted that collaboration with key agencies such as the Corporate Affairs Commission is being strengthened to ensure faster and more efficient company registration processes.
“We acknowledge that while progress has been made, there are still gaps that need to be addressed. Our focus is on deepening reforms across the entire investment ecosystem to ensure efficiency, transparency, and improved outcomes,” she said.
Other members of the RMAFC delegation also called for enhanced support for domestic investors, clearer operational frameworks for Export Free Zones, and improved inter-agency coordination to boost investor confidence.
