FG reaffirms commitment to strengthening Nigeria investment climate

The Minister, Dr Jumoke Oduwole, made the commitment during a courtesy visit by a RMAFC delegation led by the Chairman, Investment Monitoring Committee, Mr Ekene Enefe, in Abuja on Monday.

Oduwole said that the commitment was in line with the Renewed Hope Agenda of President Bola Tinubu.

She acknowledged existing challenges within the investment ecosystem while highlighting ongoing reforms aimed at improving service delivery and institutional coordination.

According to her, we acknowledge that while progress has been made, there are still gaps that need to be addressed.

”I assure you of our continued collaboration with RMAFC to strengthen investment opportunities and deliver better services for investors and the Nigerian economy.

”Deliberate efforts are being made to strengthen collaboration with key agencies, including the Corporate Affairs Commission, to ensure that business registration processes and related services are more efficient and responsive to investor needs.

”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.

“Mr President has emphasised the need for stronger coordination across government institutions to enhance service delivery and this is already being implemented.”

Speaking, Enefe emphasised the need for Nigeria to align its investment processes with global best practices, particularly in the area of business registration and investor on-boarding.

He noted that delay of up to two to three weeks for company registration were no longer competitive in a fast-paced global investment environment.

He therefore called for urgent reforms to streamline investment processes and eliminate bureaucratic bottlenecks as part of efforts to enhance Nigeria’s attractiveness to both domestic and foreign investors.

”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,” he said.

He said that inefficiencies in the system may discourage potential investors, many of whom operate within tight timelines to opt for jurisdictions with faster and more predictable processes.

According to him, 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.

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

He underscored the commission’s evolving role beyond revenue sharing, noting that RMAFC was committed to supporting initiatives that would expand Nigeria’s revenue base through improved investment inflows.

”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 said.

Other members of the RMAFC delegation emphasised the importance of strengthening support for domestic investors while commending the minister for ongoing efforts in that regard.

They also highlighted the need for clearer identification and operationalisation of Export Free Zones so as to enable investors to adequately benefit from available incentives.

The engagement marks a significant step in fostering inter-agency collaboration aimed at removing structural impediments to investment, enhancing ease of doing business and ultimately boosting national revenue generation.