Key Points
- The Ministry of Industry, Trade and Investment is collaborating with the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to enhance the investment climate.
- Dr. Jumoke Oduwole acknowledged existing gaps in the investment ecosystem and committed to deepening reforms for better service delivery.
- RMAFC reported that current company registration delays of two to three weeks are no longer globally competitive.
- The collaboration aims to strengthen ties with the Corporate Affairs Commission to make business registration more efficient.
- RMAFC is shifting its focus beyond revenue distribution to actively supporting initiatives that expand the national revenue base.
Main Story
The Ministry of Industry, Trade and Investment and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) have established a joint commitment to remove structural impediments to business in Nigeria.
During a meeting in Abuja, Minister Jumoke Oduwole stated that the focus is on deepening reforms across the entire investment ecosystem to ensure transparency and efficiency.
This initiative aligns with presidential directives for stronger coordination across government institutions to improve outcomes for the Nigerian economy.
RMAFC’s Investment Monitoring Committee highlighted significant bottlenecks, particularly noting that the world has moved toward one-stop-shop systems where critical processes are completed in days rather than weeks.
The commission emphasized that inefficiencies currently risk driving potential investors toward jurisdictions with more predictable processes. To counter this, the ministry is working to ensure that business registration and related services become more responsive to investor needs.
The Issues
- Inefficiencies in the system may discourage potential investors who operate within tight timelines.
- Delays of up to three weeks for company registration are considered a significant bureaucratic bottleneck.
- There is a lack of clear identification and operationalisation of Export Free Zones, hindering the use of available incentives.
- Progress has been made, but measurable gaps remain in institutional coordination across the investment ecosystem.
What’s Being Said
- “I assure you of our continued collaboration with RMAFC to strengthen investment opportunities and deliver better services for investors and the Nigerian economy.” — Dr. Jumoke Oduwole
- “Investors expect seamless, one-stop-shop systems where critical processes such as company registration are completed within days, not weeks.” — Ekene Enefe
- “As a commission, we must move beyond revenue distribution to actively supporting initiatives that will grow the nation’s revenue.” — Ekene Enefe
- “Our focus is on deepening reforms across the entire investment ecosystem to ensure efficiency, transparency, and improved outcomes.” — Dr. Jumoke Oduwole
What’s Next
- The ministry will pursue deliberate efforts to strengthen collaboration with the Corporate Affairs Commission (CAC).
- RMAFC will continue to track investment-related processes through its monitoring committee to address observed bottlenecks.
- Implementation of stronger coordination across government institutions is expected to continue under the Renewed Hope Agenda.
- Stakeholders are calling for urgent reforms to streamline investor on-boarding to align with global best practices.
Bottom Line
Climate Reform. The Ministry of Industry and RMAFC are prioritizing inter-agency collaboration to slash registration timelines and improve the ease of doing business, aiming to grow national revenue through increased investment inflows.
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