RMAFC urges government to cut red tape, boost investment
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is pushing for an immediate overhaul of Nigeria’s investment procedures to remove the red tape currently blocking local and foreign capital. In
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is pushing for an immediate overhaul of Nigeria’s investment procedures to remove the red tape currently blocking local and foreign capital.
In a move to make the nation more competitive, the Commission is specifically calling for the better management of Export Free Zones. This step aims to ensure that investors can actually access and use the tax breaks and incentives promised by the government.
The proposal came during a meeting in Abuja between a delegation from the RMAFC Investment Monitoring Committee and the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole. According to a statement released on Monday by the Commission’s spokesperson, Maryam Umar Yusuf, the talks centred on making Nigeria a more attractive destination for global business.
Leading the delegation, Hon. Enefe Ekene pointed out that Nigeria is falling behind global standards regarding how quickly businesses can get started. He noted that waiting two to three weeks for company registration is far too slow for today’s market.
“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,” Hon. Ekene said.
He warned that these delays drive investors to other countries where the rules are clearer and the systems are faster. “The world has moved on. Investors expect seamless, one-stop-shop systems in which critical processes, such as company registration, are completed within days rather than weeks. If we fail to meet these expectations, we risk losing valuable investment opportunities,” he added.
Hon. Ekene also explained that the Commission is expanding its focus. While the RMAFC is often known for sharing government revenue, it is now focusing on growing that revenue by bringing in more business.
“As a Commission, we must move beyond revenue distribution to actively supporting initiatives that will grow the nation’s revenue. By improving the investment climate, we can significantly enhance national earnings and drive sustainable economic growth,” he stated.
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In response, Dr Jumoke Oduwole admitted that while some progress has been made, the system still has significant holes. She mentioned that the presidency is currently pushing for better teamwork among government offices to address these issues.
“We acknowledge that while progress has been made, there are still gaps that need to be addressed. Mr President has emphasised the need for stronger coordination across government institutions to enhance service delivery, and this is already being implemented,” the Minister said.
She further explained that the Ministry is working closely with the Corporate Affairs Commission to make sure registering a business becomes a smoother experience. “There have been notable strides and measurable achievements; however, much more remains to be done. Our focus is on deepening reforms across the entire investment ecosystem to ensure efficiency, transparency, and improved outcomes,” Dr Oduwole added.
Other members of the RMAFC team also shared their views during the visit. Hon. Mohammed Kabeer Usman spoke on the need to protect and support local Nigerian business owners, while Hon. Abdulaziz Idris King focused on the necessity of making Export Free Zones more functional so investors can see real benefits. Hon. Hauwa Umar Aliyu concluded by noting that the "investor experience" depends entirely on how well government agencies communicate with one another.
The meeting is seen as a major step toward cutting through the bureaucracy that has long slowed down Nigeria's economic progress.
