Commission flags bureaucratic bottlenecks as key threat to competitiveness despite ongoing digital reforms……
Nigeria’s investment climate is facing renewed scrutiny as the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) warns that persistent delays in business registration could drive investors to more agile economies.
The caution came from Enefe Ekene, chairman of RMAFC’s Investment Monitoring Committee, during a high-level meeting with the Minister of Industry, Trade and Investment, Jumoke Oduwole, in Abuja. At the heart of the discussion was a growing concern that Nigeria’s administrative processes are struggling to keep pace with global expectations.
Ekene pointed to slow company registration procedures as a major stumbling block, arguing that in today’s fast-moving investment landscape, time is often the deciding factor. Investors, he noted, increasingly favor jurisdictions where businesses can be set up within days through streamlined, one-stop systems.
“The global environment has evolved,” he said, emphasizing that lengthy approval timelines could cost Nigeria valuable opportunities. According to him, investors operating on tight schedules are unlikely to wait weeks for processes that are completed far more quickly elsewhere.
Findings from the committee’s monitoring efforts reveal multiple bottlenecks across investment-related procedures, reinforcing concerns that inefficiencies within the system are dampening Nigeria’s appeal.
Beyond foreign investment, the delegation also stressed the need to better support local investors and bring greater clarity to the operations of export free zones areas seen as critical to boosting industrial growth and exports.
Efforts to modernize the system are already underway. The Corporate Affairs Commission (CAC), Nigeria’s business registration body, has rolled out digital upgrades powered by artificial intelligence to handle rising demand. The platform is now capable of processing up to 10,000 registration requests daily, a significant leap from its earlier manual operations.
Registrar-General Hussaini Magaji noted that the transition to automation has become essential, especially with increasing registrations driven by tax reforms and the rapid growth of digital enterprises. What began as a single manual registry in 1991 has evolved into a fully digital, round-the-clock service accessible globally.
Responding to the concerns, Minister Oduwole acknowledged the gaps and pointed to ongoing reforms aimed at improving coordination among government agencies. She reiterated the administration’s commitment to strengthening the business environment under its economic agenda.
Still, both sides agreed that technology alone will not solve the problem. Without stronger institutional coordination and faster decision-making, bureaucratic delays could continue to undermine progress.
As competition for global capital intensifies, the message from RMAFC is clear: speed, efficiency, and clarity are no longer optional, they are essential if Nigeria hopes to remain an attractive destination for investment.
