By Damilare Adeleye
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called for sweeping reforms to streamline Nigeria’s investment processes against bureaucratic bottlenecks to enhance Nigeria’s attractiveness to both domestic and foreign investors.
This call was made during a courtesy visit by a delegation by the RMAFC led by Enefe Ekene, Chairman of the Commission’s Investment Monitoring Committee, to the Minister of Industry, Trade and Investment, Jumoke Oduwole, in Abuja.
Ekene said Nigeria must urgently align its investment procedures with global best practices, particularly in business registration and investor onboarding, noting that delays of up to two to three weeks for company registration are no longer tenable.
“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 was quoted as saying in a statement released RMAFC Head of information and public relations unit, Maryam Umar Yusuf.
He warned that inefficiencies in the system are discouraging investors who operate within tight timelines and may shift to jurisdictions offering 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. If we fail to meet these expectations, we risk losing valuable investment opportunities,” Ekene added.
The RMAFC boss also highlighted the Commission’s evolving mandate, stressing that it must go beyond revenue allocation to actively support initiatives that expand 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, Oduwole acknowledged existing gaps within the investment ecosystem but pointed to ongoing reforms aimed at improving coordination and service delivery across government institutions.
“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.
The minister noted efforts to strengthen collaboration with key agencies, including the Corporate Affairs Commission, to make business registration and related services more efficient and responsive.
“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,” she added.
Oduwole 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.
“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 members of the RMAFC delegation contributed to the discussions, with Mohammed Kabeer Usman emphasising support for domestic investors, while Abdulaziz Idris King called for clearer operationalisation of Export Free Zones to maximise investor incentives. Hauwa Umar Aliyu stressed the need for stronger inter-agency coordination to improve investor experience.
The engagement marks a renewed push for inter-agency collaboration to remove structural barriers to investment, enhance ease of doing business, and boost national revenue generation.