By Tony Obiechina, Abuja
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called for urgent reforms to streamline investment processes and eliminate bureaucratic bottlenecks as part of efforts to enhance Nigeria’s attractiveness to both domestic and foreign investors.
This was stated during a courtesy visit by a delegation led by Hon. Enefe Ekene, Chairman of the Commission’s Investment Monitoring Committee, to the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole in her office in Abuja.
Speaking during the engagement, Hon. Enefe Ekene emphasised the need for Nigeria to align its investment processes with global best practices, particularly in the area of 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.
“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 stated.
He further stressed that inefficiencies in the system discourage potential investors, many of whom operate within tight timelines and may opt for jurisdictions with 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,” he added.
Hon. Enefe Ekene also underscored the Commission’s evolving role beyond revenue sharing, noting that RMAFC is committed to supporting initiatives that will expand Nigeria’s revenue base through improved 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.
In her response, the Minister acknowledged existing challenges within the investment ecosystem while highlighting ongoing reforms aimed at improving service delivery and 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.
The Minister noted that deliberate efforts are being made to strengthen collaboration with key agencies, including the Corporate Affairs Commission, to ensure that business registration processes and related services are more efficient and responsive to investor needs.
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“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.
Dr. Oduwole reaffirmed the Ministry’s commitment to synergise with RMAFC and other stakeholders in advancing 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 stated.
Other members of the RMAFC delegation contributed to the discussions, further enriching the dialogue with diverse perspectives. Hon. Mohammed Kabeer Usman emphasised the importance of strengthening support for domestic investors while commending the Honourable Minister for ongoing efforts in that regard. Hon. Abdulaziz Idris King highlighted the need for clearer identification and operationalisation of Export Free Zones so as to enable investors to adequately benefit from available incentives. In her contribution, Hon. Hauwa Umar Aliyu underscored the importance of improving coordination across relevant institutions to enhance investor experience.
The engagement marks a significant step in fostering inter-agency collaboration aimed at removing structural impediments to investment, enhancing ease of doing business, and ultimately boosting national revenue generation.
In a statement by Maryam Umar Yusuf, Head, Information and Public Relations Unit on Monday, the RMAFC delegation comprised Hon. Enefe Ekene, Chairman Investment Monitoring Committee and Federal Commissioner representing Anambra State; Hon. Sa’ad Bello Ibrahim, Federal Commissioner representing Plateau State; Hon. Hauwa Umar Aliyu, Federal Commissioner representing Jigawa State; Hon. Abdulaziz Idris King, Federal Commissioner representing Kogi State; Hon. Modu Ali Juluri, Federal Commissioner representing Yobe State; Hon. Mohammed Kabeer Usman, Federal Commissioner representing Gombe State; and Hon. Aruviere Egharevwa, Federal Commissioner representing Delta State.
