Minister admits ecosystem gaps as RMAFC flags investment bottlenecks

As The PUNCH, we bring attention to a critical dialogue between the Ministry of Industry, Trade and Investment and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) concerning Nigeria's investment climate. Minister Jumoke Oduwole's candid admission of persistent gaps within the investment ecosystem, coupled with RMAFC's specific flagging of bureaucratic bottlenecks, underscores the challenges facing investor confidence in the country.

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We acknowledge that while progress has been made, there are still gaps that need to be addressed.

The RMAFC's concerns, particularly regarding the lengthy delays in processes like company registration—stretching to two or three weeks—are valid and demand urgent attention. In a globalized economy where speed and efficiency are paramount, such inefficiencies can indeed lead to significant capital flight. Enefe Ekene, Chairman of RMAFC's Investment Monitoring Committee, rightly points out that investors expect seamless, one-stop-shop systems, and Nigeria risks losing out to more competitive jurisdictions if these expectations are not met.

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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.

This engagement signifies a crucial shift, as RMAFC expands its role beyond traditional revenue allocation to actively supporting policies that drive investment. This proactive stance is vital for boosting national earnings and fostering sustainable economic growth. Minister Oduwole's response, referencing presidential directives for improved coordination, offers a glimmer of hope, but the true test will lie in the effective implementation of these measures to streamline processes and create a truly attractive investment environment for both domestic and foreign capital.

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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.