RMAFC Seeks Urgent Reforms to Boost Nigeria’s Investment Climate
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called for urgent reforms to streamline Nigeria’s investment processes and eliminate bureaucratic bottlenecks, as part of efforts to enhance the country’s attractiveness to both local and foreign investors.
The call was made during a courtesy visit by a delegation of the Commission, led by Hon. Enefe Ekene, Chairman of its Investment Monitoring Committee, to the Honourable Minister of Industry, Trade and Investment, Jumoke Oduwole, in Abuja.
Speaking during the engagement, Ekene stressed the need for Nigeria to align its investment procedures 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 today’s fast-paced global economy.
“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.
He warned that inefficiencies in the system could discourage potential investors, many of whom operate within tight timelines and may opt for countries with faster and more predictable processes.
“The world has moved on. Investors expect seamless, one-stop-shop systems where critical processes are completed within days, not weeks. If we fail to meet these expectations, we risk losing valuable investment opportunities,” Ekene added.
He further highlighted the Commission’s evolving role beyond revenue allocation, noting that RMAFC is now committed to supporting initiatives that will expand Nigeria’s revenue base through improved investment inflows.
Responding, the Minister acknowledged existing gaps within the investment ecosystem while highlighting ongoing reforms aimed at improving service delivery and strengthening institutional 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.
Oduwole noted that efforts are underway to deepen collaboration with key agencies, including the Corporate Affairs Commission, to ensure that business registration and related services become more efficient and responsive to investor needs.
“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.
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, emphasising the importance of supporting domestic investors, improving coordination among institutions, and strengthening the operational framework for export processing zones.
The engagement marks a significant step toward fostering inter-agency collaboration aimed at removing structural barriers to investment, enhancing ease of doing business, and boosting national revenue generation.
RMAFC Seeks Urgent Reforms to Boost Nigeria’s Investment Climate