The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has warned that Nigeria risks losing investment opportunities if it fails to speed up its business registration processes.
The warning was issued by the Chairman of RMAFC’s Investment Monitoring Committee, Enefe Ekene, during a meeting with the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, in Abuja.
According to him, bureaucratic delays, particularly in company registration, are weakening Nigeria’s competitiveness in a fast-moving global investment landscape.
He called for urgent reforms to align Nigeria’s investment processes with global standards, especially in business registration and investor onboarding.
“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 noted that the RMAFC Investment Monitoring Committee has been tracking investment-related processes and identified bottlenecks requiring immediate attention.
He added that delays discourage investors who often operate under strict timelines and may opt for countries with faster and more efficient systems.
The RMAFC delegation also emphasised the need to support local investors and improve clarity around export free zone operations.
Nigeria has taken steps to modernise its business registration system through the Corporate Affairs Commission (CAC).
The CAC has deployed artificial intelligence (AI) across its platforms, enabling it to process up to 10,000 registration requests daily.
Registrar-General Hussaini Magaji said the upgrade has improved the commission’s ability to handle growing demand driven by tax reforms and the rise of digital businesses.
He noted that manual systems would be unable to cope with current volumes, making AI critical for speed, accuracy, and efficiency.
The commission has evolved from a single manual office in 1991 to a fully digital registry offering 24-hour global services.
Responding to RMAFC, Minister Oduwole acknowledged the concerns raised and highlighted ongoing reforms to improve coordination and service delivery across agencies.
She reaffirmed the Ministry’s commitment to strengthening Nigeria’s investment climate under the Renewed Hope Agenda.
Both parties stressed the importance of better institutional coordination to eliminate bottlenecks.
Responding to RMAFC, Minister Oduwole acknowledged the concerns raised and highlighted ongoing reforms to improve coordination and service delivery across agencies.
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