RMAFC Pushes Investment Reforms, Says Delays Costing Nigeria Opportunities

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called for urgent reforms to Nigeria’s investment processes, warning that bureaucratic delays and inefficiencies are undermining the country’s ability to attract both domestic 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, 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 expressed concern that company registration timelines of up to two or three weeks are no longer competitive in a fast-moving global investment climate.

According to him, the commission has been closely monitoring investment-related processes and identified several bottlenecks that require immediate attention. He noted that many investors operate within strict timelines and are likely to redirect their capital to countries with faster and more predictable systems.

“The global investment landscape has evolved significantly. Investors now expect seamless, one-stop-shop processes where critical requirements, including company registration, are completed within days rather than weeks,” Ekene said, warning that failure to meet such expectations could lead to lost investment opportunities.

He also highlighted the commission’s shifting focus beyond its traditional role in revenue allocation, noting that RMAFC is increasingly committed to supporting initiatives that can expand Nigeria’s revenue base by improving investment inflows.

Ekene said enhancing the investment climate would not only attract capital but also drive sustainable economic growth and boost national earnings.

Oduwole acknowledged existing challenges within Nigeria’s investment ecosystem but pointed to ongoing reforms aimed at improving efficiency, transparency, and coordination among government institutions.

She noted that the administration of President Bola Ahmed Tinubu has prioritised stronger inter-agency collaboration to enhance service delivery and create a more investor-friendly environment.

The minister disclosed that efforts are underway to deepen cooperation with key agencies such as the Corporate Affairs Commission to streamline business registration and related services.

While acknowledging progress, Oduwole admitted that more work remains to be done to close existing gaps and improve overall investor experience.

“Our focus is on strengthening reforms across the investment ecosystem to ensure efficiency, transparency, and better outcomes,” she said, reaffirming the ministry’s commitment to working closely with RMAFC and other stakeholders.

Other members of the RMAFC delegation also contributed to the discussions. Hon. Mohammed Kabeer Usman called for stronger support for domestic investors, while Hon. Abdulaziz Idris King emphasised the need to better define and operationalise Export Free Zones to enable investors fully benefit from available incentives. Hon. Hauwa Umar Aliyu highlighted the importance of improved institutional coordination.