The Revenue Mobilisation Allocation and Fiscal Commission has called for urgent reforms to cut red tape and speed up investment processes, warning that delays are hurting Nigeria’s ability to attract capital.
The call came during a courtesy visit by RMAFC’s Investment Monitoring Committee, led by Chairman Hon. Enefe Ekene, to the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, in Abuja.
Ekene said Nigeria must align with global best practices, especially in business registration and investor onboarding. He noted that company registration delays of two to three weeks are “no longer competitive in a fast-paced global investment environment.”
“Our Committee on Investment Monitoring has been closely tracking investment-related processes, and we felt it necessary to engage directly with the Ministry to address some of the bottlenecks we have observed,” Ekene said.
He warned that inefficiencies discourage investors who work on tight timelines and may choose jurisdictions with faster, more predictable systems.
“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. If we fail to meet these expectations, we risk losing valuable investment opportunities,” he added.
Ekene said RMAFC’s role goes beyond revenue sharing to supporting initiatives that grow Nigeria’s revenue base through increased 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 said.
Responding, Minister Oduwole acknowledged gaps in the investment ecosystem but said reforms are underway to improve service delivery and coordination.
“We acknowledge that while progress has been made, there are still gaps that need to be addressed. Mr. President has emphasised the need for stronger coordination across government institutions to enhance service delivery, and this is already being implemented,” she said.
She said the Ministry is working with key agencies, including the Corporate Affairs Commission, to make business registration and related services more efficient.
“There have been notable strides and measurable achievements; however, much more remains to be done. Our focus is on deepening reforms across the entire investment ecosystem to ensure efficiency, transparency, and improved outcomes,” Oduwole stated.
She reaffirmed the Ministry’s commitment to work with RMAFC and other stakeholders to improve Nigeria’s investment climate in line with President Bola Tinubu’s Renewed Hope Agenda.
“I assure you of our continued collaboration with RMAFC to strengthen investment opportunities and deliver better services for investors and the Nigerian economy,” she said.
Other RMAFC commissioners also weighed in. Hon. Mohammed Kabeer Usman stressed stronger support for domestic investors. Hon. Abdulaziz Idris King called for clearer identification and operationalisation of Export Free Zones so investors can access incentives. Hon. Hauwa Umar Aliyu underscored better coordination across institutions to improve investor experience.
The RMAFC delegation included Hon. Enefe Ekene of Anambra; Hon. Sa’ad Bello Ibrahim, Plateau; Hon. Hauwa Umar Aliyu, Jigawa; Hon. Abdulaziz Idris King, Kogi; Hon. Modu Ali Juluri, Yobe; Hon. Mohammed Kabeer Usman, Gombe; and Hon. Aruviere Egharevwa, Delta.
The engagement, according to RMAFC, marks a step toward inter-agency collaboration to remove structural barriers to investment and boost ease of doing business.
