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Nigeria's Investment Climate Threatened by Business Registration Delays, RMAFC Warns
🇳🇬 Nigeria /Economy & Trade

Nigeria's Investment Climate Threatened by Business Registration Delays, RMAFC Warns

From Vanguard · (41m ago) English Critical tone

Translated from English, summarized and contextualized by DistantNews.

TLDR

  • Nigeria's Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has expressed concern over significant delays in business registration processes.
  • The commission warned that these delays risk deterring both local and foreign investors, potentially causing Nigeria to lose out to more competitive markets.
  • RMAFC is urging for urgent reforms to streamline processes and improve the country's investment climate, while the Minister of Industry, Trade and Investment acknowledged existing gaps and ongoing reform efforts.

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has sounded an alarm regarding the protracted delays plaguing Nigeria's business registration system. In a recent statement following a meeting with the Minister of Industry, Trade and Investment, the commission highlighted that waiting periods of two to three weeks for company registration are simply uncompetitive in today's global market. This inefficiency, the RMAFC warns, could drive away crucial investment, both domestic and foreign, to nations with more streamlined and efficient processes.

Enefe Ekene, Chairman of RMAFC’s Investment Monitoring Committee, emphasized that the world has evolved, and investors now expect seamless, "one-stop-shop" systems. Nigeria's current bureaucratic hurdles do not meet these expectations, jeopardizing valuable investment opportunities. The commission stressed that its role must extend beyond mere revenue distribution to actively fostering economic growth through a more attractive investment climate.

The world has moved on. Investors expect seamless, one-stop-shop systems where processes such as company registration are completed within days, not weeks. If we fail to meet these expectations, we risk losing valuable investment opportunities.

— Enefe EkeneChairman of RMAFC’s Investment Monitoring Committee, highlighting the uncompetitiveness of current registration delays.

Minister Jumoke Oduwole acknowledged the identified shortcomings within the investment ecosystem. She assured that the ministry is actively pursuing reforms to enhance coordination and service delivery among government agencies, including strengthening collaboration with the Corporate Affairs Commission (CAC). While strides have been made, the minister conceded that further efforts are necessary to ensure efficiency, transparency, and improved outcomes in business registration and the broader investment landscape. The commitment to reform signals a recognition of the urgency to boost Nigeria's economic competitiveness.

There have been notable strides, but more remains to be done. Our focus is on deepening reforms to ensure efficiency, transparency and improved outcomes.

— Jumoke OduwoleMinister of Industry, Trade and Investment, acknowledging issues and outlining ongoing reform efforts.
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Originally published by Vanguard in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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