RMAFC calls for end to bottlenecks in Nigeria’s investment processes
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called for urgent reforms to streamline investment processes and eliminate bureaucratic bottlenecks to enhance Nigeria’s appeal to both local and foreign investors.
The call was made during a courtesy visit by a delegation led by the chairman of the commission’s investment monitoring committee, Hon. Enefe Ekene, to the minister of industry, trade and investment, Dr. Jumoke Oduwole, in Abuja.
Speaking during the visit, Ekene stressed the need for Nigeria to align its investment processes with global best practices, particularly in business registration and investor onboarding.
He noted that delays of up to two to three weeks for company registration are no longer competitive in a fast-paced global investment environment, warning that inefficiencies could discourage potential investors.
“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,” he said.
Ekene added that investors now expect seamless, one-stop-shop systems where critical processes are completed within days, not weeks, stressing that failure to meet such expectations could lead to lost opportunities.
In her response, Oduwole acknowledged existing challenges within the investment ecosystem while highlighting ongoing reforms aimed at improving service delivery and strengthening coordination with key agencies.
She reaffirmed the ministry’s commitment to working with RMAFC and other stakeholders to improve Nigeria’s investment climate, noting that efforts are underway to enhance efficiency, transparency, and overall outcomes in line with the Renewed Hope Agenda.
