Nigeria Risks Losing Investors Over Slow Business Registration, Ekene Warns

The Revenue Mobilisation Allocation and Fiscal Commission has warned that Nigeria risks losing potential investors if delays in business registration and bureaucratic bottlenecks are not urgently addressed.

The warning was issued by the Chairman of the RMAFC Investment Monitoring Committee, Enefe Ekene, during a meeting with the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, in Abuja.

Ekene said Nigeria’s current pace of business registration and investor onboarding is no longer competitive in a global economy where speed and efficiency are critical determinants of investment decisions.

He stressed that delays in regulatory processes, particularly company incorporation, are weakening Nigeria’s attractiveness to foreign and domestic investors.

“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,” he said.

He added that failure to meet these expectations could result in Nigeria losing significant investment inflows to competing jurisdictions with more efficient systems.

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“If we fail to meet these expectations, we risk losing valuable investment opportunities,” Ekene stated.

According to him, the RMAFC Investment Monitoring Committee has been tracking investment-related processes across key sectors and identified structural bottlenecks requiring urgent reforms.

He noted that inefficiencies in regulatory coordination and administrative delays remain major constraints affecting investor confidence.

Ekene also emphasised that investors often operate under strict timelines and prefer countries with predictable and fast approval systems.

He said Nigeria must align its investment framework with global best practices to remain competitive in attracting capital.

In response, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, acknowledged the concerns raised and reaffirmed ongoing government reforms aimed at improving Nigeria’s investment climate.

She stated that the Federal Government is working to strengthen coordination among regulatory agencies to reduce delays and improve service delivery.

Oduwole said the reforms are part of the broader Renewed Hope Agenda focused on improving ease of doing business and enhancing investor confidence.

The meeting also highlighted the role of the Corporate Affairs Commission in improving registration efficiency through digital reforms.

The CAC has introduced artificial intelligence-driven systems to automate company registration processes and improve turnaround time.

Registrar-General Hussaini Magaji said the upgraded system is capable of processing up to 10,000 registration requests daily, significantly improving efficiency compared to manual operations.

He noted that rising demand from digital businesses and tax reforms has made automation necessary to prevent backlog and inefficiencies.

The CAC has transitioned from a manual registry system established in 1991 to a fully digital platform offering 24-hour global access to services.

Despite these improvements, stakeholders argue that coordination between agencies remains a key challenge affecting overall speed of business formation.

RMAFC also called for stronger support for local investors and clearer operational frameworks for export processing and free trade zones.

Both institutions agreed on the need for improved inter-agency collaboration to eliminate duplication of processes and administrative delays.

Ekene stressed that efficient business registration systems are critical not only for attracting foreign direct investment but also for supporting domestic entrepreneurship.

He added that improving Nigeria’s investment climate is essential for job creation, revenue growth, and long-term economic stability.

The warning comes amid increasing competition among African economies to attract investment through reforms that simplify business entry and reduce regulatory friction.

Policy analysts note that countries with streamlined digital registration systems are increasingly gaining advantage in global investment rankings.

The discussions between RMAFC and the Ministry signal renewed efforts by government institutions to address structural inefficiencies affecting Nigeria’s ease of doing business indicators.

Stakeholders expect further policy interventions aimed at reducing processing time, improving transparency, and enhancing investor experience across regulatory agencies.

The outcome of ongoing reforms is expected to play a key role in shaping Nigeria’s investment inflows in the coming years.