Nigeria Faces Investment Risks Due to Slow Business Registration

The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has warned that Nigeria risks losing investment opportunities due to the slow business registration process. Eken Dure, chairman of the RMAFC's investment monitoring committee, expressed concerns during a meeting with the Minister of Industry, Trade, and Investment, Dr.

Jumoke Oduwole, in Abuja. He highlighted bureaucratic delays, particularly in company registration, which weaken Nigeria's competitiveness in the global investment landscape.

Dure called for urgent reforms to align Nigeria's investment processes with global standards, noting that delays discourage investors who often operate under strict timelines. The RMAFC's investment monitoring committee is tasked with tracking investment-related processes and identifying bottlenecks requiring immediate attention.

The Corporate Affairs Commission (CAC) is taking steps to modernize its business registration system by deploying artificial intelligence to handle up to 10,000 registration requests daily. Hussaini Magaji, registrar at the CAC, stated that the upgrade aims to improve the commission's ability to manage growing demand driven by tax reforms and the rise of digital businesses.