The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called for urgent reforms to simplify investment processes and eliminate bureaucratic bottlenecks, warning that delays could undermine Nigeria’s ability to attract both local and foreign investors.
The call was made during a courtesy visit by a delegation from the Commission, led by the Chairman of its Investment Monitoring Committee, Hon. Enefe Ekene, to the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, in Abuja.
Speaking during the meeting, Ekene stressed the need for Nigeria to align its investment procedures with global best practices, particularly in business registration and investor onboarding. He noted that company registration timelines of up to two to three weeks are no longer competitive in today’s fast-paced global economy.
According to him, inefficiencies within the system could discourage investors who often operate within tight timelines and may opt for countries with faster and more 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,” he said.
Ekene also highlighted the Commission’s evolving role, noting that RMAFC is increasingly focused on supporting initiatives that will expand Nigeria’s revenue base through improved investment inflows.
“As a Commission, we must move beyond revenue distribution to actively support initiatives that grow national revenue. Improving the investment climate will enhance earnings and drive sustainable economic growth,” he added.
Responding, the Minister, Dr. Jumoke Oduwole, acknowledged existing challenges within Nigeria’s investment ecosystem but noted that reforms are already underway to improve service delivery and institutional coordination.
She said the Federal Government is working to strengthen collaboration among key agencies, including the Corporate Affairs Commission, to ensure more efficient and responsive business registration processes.
“While progress has been made, there are still gaps that need to be addressed. Our focus is on deepening reforms to ensure efficiency, transparency and better outcomes,” she said.
The Minister reaffirmed the Ministry’s commitment to working closely with RMAFC and other stakeholders to improve Nigeria’s investment climate in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
Other members of the RMAFC delegation also contributed to the discussions, emphasising the need to support domestic investors, improve coordination across institutions, and ensure effective utilisation of incentives such as Export Free Zones.
The meeting marks a step toward strengthening inter-agency collaboration aimed at improving the ease of doing business, attracting investment, and boosting national revenue generation.