The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has cautioned that Nigeria risks losing potential investors if it fails to urgently reform and accelerate its business registration processes.
The warning was issued in Abuja by the Chairman of the Commission’s Investment Monitoring Committee, Enefe Ekene, during a meeting with the Minister of Industry, Trade and Investment, Jumoke Oduwole.
Ekene said persistent bureaucratic delays, particularly in company incorporation and investor onboarding, are undermining Nigeria’s competitiveness at a time when global investors demand speed and efficiency.
According to him, modern investment environments now operate on “one-stop-shop” systems where business registration and related approvals are completed within days rather than weeks.
“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,” he said.
He warned that failure to meet such expectations could result in capital flight to more efficient economies, stressing that investors often operate under strict timelines and are unlikely to wait through lengthy administrative procedures.
Ekene added that the RMAFC Investment Monitoring Committee has been assessing investment-related bottlenecks and identified several areas requiring urgent reform. He also urged government to improve clarity around export free zone operations and strengthen support mechanisms for local investors.
Digital Reforms at CAC
In response to these concerns, Nigeria has already begun modernising its business registration framework through the Corporate Affairs Commission (CAC).
The commission has introduced artificial intelligence-powered systems capable of processing up to 10,000 business registration applications daily. According to Registrar-General Hussaini Magaji, the upgrade has significantly improved efficiency and is essential in managing rising demand driven by tax reforms and the expansion of digital enterprises.
He noted that manual systems would be unable to handle current volumes, making automation critical for speed, accuracy, and scalability. The CAC has evolved from a fully manual registry established in 1991 to a fully digital platform that now provides 24-hour global access to business registration services.
Government Response
Responding to the concerns raised by RMAFC, Minister Oduwole acknowledged the issues highlighted and said the federal government is already implementing reforms aimed at improving coordination across regulatory agencies and enhancing service delivery.
She reaffirmed the Ministry’s commitment to strengthening Nigeria’s investment climate under the Renewed Hope economic agenda, adding that efforts are ongoing to eliminate administrative bottlenecks that hinder investment inflows.
Both sides agreed that stronger inter-agency collaboration is essential to streamline processes, reduce delays, and position Nigeria as a more attractive destination for both domestic and foreign investors.
