RMAFC Pushes Reforms to Attract More Investors
By Patience Ikpeme
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has called for urgent reforms to simplify investment procedures and remove bureaucratic delays that discourage both local and foreign investors from doing business in Nigeria.
The Commission also called for clearer identification and proper operation of Export Free Zones to ensure that investors fully benefit from incentives designed to support business growth and industrial development.
The position was presented during a courtesy visit by members of the RMAFC Investment Monitoring Committee, led by its Chairman, Hon. Enefe Ekene, to the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, in Abuja.
According to a statement issued on Monday by the Head of Information and Public Relations Unit of the Commission, Maryam Umar Yusuf, the discussions focused on improving Nigeria’s investment climate and strengthening ease of doing business.
Speaking during the meeting, Hon. Ekene said Nigeria must modernise its investment processes to match international standards, especially in the area of company registration and investor onboarding.
He expressed concern that delays of up to two or three weeks in registering businesses were no longer acceptable in today’s fast-moving global economy where investors expect quicker responses and efficient services.
“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.
According to him, lengthy and complicated procedures could force investors to move their businesses to countries with faster and more predictable systems.
“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. Ekene said the Commission is increasingly focusing on policies that can expand the country’s revenue base through improved investment inflows rather than concentrating only on revenue sharing.
“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 stated.
Responding, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, acknowledged that there are still challenges within Nigeria’s investment system despite recent progress.
She said the Federal Government was already implementing reforms aimed at improving coordination among government institutions and delivering faster and better services to investors.
“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 explained that the government was working closely with agencies such as the Corporate Affairs Commission to improve company registration processes and make them more responsive to the needs of businesses.
“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 also assured the Commission of continued collaboration with relevant stakeholders to strengthen Nigeria’s investment environment 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 also contributed to the discussions. Hon. Mohammed Kabeer Usman stressed the importance of providing stronger support for local investors, while Hon. Abdulaziz Idris King called for better identification and operationalisation of Export Free Zones to enable investors enjoy available incentives.
Hon. Hauwa Umar Aliyu also stressed the need for stronger coordination among institutions involved in investment administration to improve the overall experience for investors.
The Commission said the engagement was part of efforts to deepen cooperation among government agencies, remove structural barriers to investment, improve ease of doing business and increase national revenue generation.
