Government pushes reforms, but registration bottlenecks and weak coordination continue to slow capital inflows…..
Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, has acknowledged that critical gaps remain in the country’s investment ecosystem, even as pressure mounts to fix persistent delays discouraging investors.
Her remarks came during a meeting in Abuja with officials from the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), where both sides confronted longstanding inefficiencies affecting Nigeria’s ability to attract and retain capital.
In a statement issued by the commission’s spokesperson, Maryam Yusuf, the minister conceded that while reforms are underway, the system is far from seamless. She noted that President Bola Tinubu has already directed stronger coordination across government institutions to improve service delivery and investor experience.
“We acknowledge that while progress has been made, there are still gaps that need to be addressed,” Oduwole said, signaling a willingness to accelerate reforms.
The concerns stem largely from bureaucratic delays especially in company registration which RMAFC says are undermining Nigeria’s competitiveness in a global market where speed is critical.
Speaking during the meeting, Enefe Ekene, who chairs the commission’s Investment Monitoring Committee, revealed that ongoing assessments have uncovered multiple bottlenecks slowing down investment processes. According to him, the commission deemed it necessary to directly engage the ministry to push for urgent fixes.
He warned that waiting two to three weeks to register a company is no longer acceptable in today’s investment climate. In many competing economies, similar processes are completed within days through integrated, one-stop platforms.
“The world has moved on,” Ekene said, stressing that delays could easily drive investors toward faster, more predictable markets. He added that investors operating under tight timelines are particularly sensitive to such inefficiencies and may simply redirect funds elsewhere.
Beyond raising concerns, the commission is also redefining its role. Ekene indicated that RMAFC is shifting from a traditional focus on revenue allocation to actively supporting policies that can attract investment and expand national earnings.
“As a Commission, we must move beyond revenue distribution to actively supporting initiatives that will grow the nation’s revenue,” he said, linking improvements in the investment climate directly to long-term economic growth.
In response, Oduwole highlighted ongoing efforts to streamline processes across key agencies, including the Corporate Affairs Commission, which handles business registration. She said reforms are aimed at making services faster, more transparent, and more responsive to investor needs.
“There have been notable strides and measurable achievements; however, much more remains to be done,” she added, emphasizing a broader push to overhaul the entire investment ecosystem.
Other members of the RMAFC delegation pointed to additional friction points. Mohammed Kabeer Usman stressed the need to better support local investors, while Abdulaziz Idris King called for clearer identification and management of Export Free Zones to ensure investors can fully access available incentives. Hauwa Umar Aliyu, meanwhile, underscored the importance of tighter coordination among institutions to improve the overall investment journey.
The meeting signals a growing urgency within government circles to tackle structural barriers that have long hindered ease of doing business in Nigeria. With global competition for capital intensifying, officials appear increasingly aware that incremental progress may no longer be enough.
For now, the message from both sides is aligned: without faster processes, clearer systems, and stronger coordination, Nigeria risks missing out on the investment flows it needs to drive growth and boost national revenue.
