Nigeria could miss out on critical investment inflows if it does not urgently reform its business registration system, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has warned.
The caution was raised by Enefe Ekene, Chairman of RMAFC’s Investment Monitoring Committee, during a meeting in Abuja with the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole.
He said delays in company registration and other administrative bottlenecks are weakening Nigeria’s appeal in an increasingly competitive global investment environment.
According to him, investors today expect fast, simplified systems that allow businesses to be registered within days rather than weeks. He warned that Nigeria risks losing capital to more efficient jurisdictions if it fails to meet those expectations.
“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,” Ekene said.
He added that prolonged delays often discourage investors who operate under strict timelines and may redirect their funds to countries with faster regulatory processes.
Ekene noted that RMAFC’s Investment Monitoring Committee has been reviewing investment-related procedures and identified several structural inefficiencies that require urgent attention to improve Nigeria’s competitiveness.
In response, Minister Jumoke Oduwole acknowledged the concerns and said ongoing reforms are aimed at improving coordination among government agencies and strengthening Nigeria’s investment climate under the Renewed Hope Agenda.
She reiterated the government’s commitment to reducing friction in doing business and improving service delivery across key regulatory institutions.
Meanwhile, Nigeria’s Corporate Affairs Commission (CAC) has already begun digitising its operations as part of efforts to address such concerns. The commission now uses artificial intelligence systems capable of processing thousands of registration applications daily, significantly reducing turnaround time.
CAC Registrar-General Hussaini Magaji said the shift to digital systems has become necessary due to rising demand driven by tax reforms and the growth of digital enterprises, noting that manual processes can no longer handle current volumes efficiently.
The CAC, which has evolved from a manual registry in 1991 to a fully digital platform, now provides 24-hour online services to businesses globally.
The commission has also introduced initiatives aimed at encouraging business formalisation, including a programme offering free business name registration for thousands of small enterprises across Nigeria.
The initiative is designed to lower startup costs, expand access to finance, and increase participation in the formal economy.
Together, these reforms reflect ongoing efforts by government agencies to streamline business processes, improve ease of doing business, and attract greater investment into Nigeria’s economy.
