RMAFC Sounds Alarm Over Sluggish Business Registration
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has issued a stark warning: Nigeria’s slow pace in onboarding new businesses is a direct threat to its economic competitiveness. During a high-level meeting in Abuja, Enefe Ekene, Chairman of RMAFC’s Investment Monitoring Committee, told the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, that the global investment landscape has no patience for bureaucratic bottlenecks. In an era of “one-stop-shop” systems, Nigeria’s tendency to measure registration times in weeks rather than days is driving capital toward more efficient neighbors.
The commission’s Investment Monitoring Committee has identified specific “dead zones” in the registration process that act as deterrents to both foreign and local investors. These delays aren’t just administrative annoyances; they are fiscal leaks. Investors operating on tight capital deployment timelines often view a delayed registration as a red flag for the broader ease of doing business. Beyond just new entries, the RMAFC also highlighted a need for greater clarity regarding export free zone operations and a more robust support system for domestic entrepreneurs.
In a bid to counter these criticisms, the Corporate Affairs Commission (CAC) has turned to technology. Registrar-General Hussaini Magaji revealed that the CAC is now deploying artificial intelligence to handle the massive surge in applications—currently processing up to 10,000 requests daily. This AI integration is seen as a survival necessity, as manual systems have become obsolete in the face of new tax reforms and the explosion of the digital economy. The CAC’s goal is to transition from a traditional registry to a 24-hour global service provider.
Minister Oduwole acknowledged the gravity of the RMAFC’s concerns, noting that agency coordination remains the biggest hurdle. Under the “Renewed Hope” agenda, the Ministry is attempting to synchronize the various bodies involved in trade and investment to eliminate the “silo” effect that slows down approvals. The consensus between the two bodies is clear: digital upgrades at the CAC are a good start, but they must be matched by a broader institutional shift toward speed and transparency.
The stakes are high. As Nigeria competes for a slice of the global investment pie, the efficiency of its digital portal is becoming as important as its natural resources. If the country cannot fix its onboarding process, it risks being left behind in a fast-moving global economy where capital flows to the path of least resistance. For the RMAFC, the message is simple: modernize the process or lose the money.