The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has urged urgent reforms to streamline investment procedures and remove bureaucratic obstacles in Nigeria’s business environment.
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, Jumoke Oduwole, in Abuja.
Hon. Ekene stressed the need for Nigeria to align its investment procedures with global best practices, particularly in business registration and investor onboarding. According to him, delays of up to two to three weeks for company registration are no longer competitive in today’s fast-paced global economy.
He noted that the Committee has been closely monitoring investment-related processes and deemed it necessary to engage the Ministry to address observed challenges.
“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.
READ ALSO:Â RMAFC Chair Pledges Digital Transformation to Boost Productivity
He warned that inefficiencies in the system could discourage potential investors, who may opt for countries with faster and more predictable processes.
Hon. Ekene also highlighted the Commission’s commitment to supporting initiatives that will expand Nigeria’s revenue base through increased investment inflows, noting that RMAFC is evolving beyond revenue sharing to actively promoting economic growth.
In her response, the Minister, Jumoke Oduwole, acknowledged existing gaps in the investment ecosystem but assured that reforms are ongoing to improve service delivery and coordination among government agencies.
She explained that the Federal Government is strengthening collaboration with key institutions, including the Corporate Affairs Commission, to enhance the efficiency of business registration processes.
“There have been notable strides, but more needs to be done. Our focus is on deepening reforms to ensure efficiency, transparency, and improved 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, highlighting the need to support domestic investors, improve coordination among institutions, and enhance the operationalisation of Export Free Zones to maximise investor benefits.
