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Abuja, FCT – By Prime Brief Media

The Revenue Mobilization Allocation and Fiscal Commission has warned that protracted bureaucratic delays in registering businesses in Nigeria are damaging the country's competitiveness and threatening to push both domestic and foreign investors toward more business-friendly destinations.

In a statement issued on Thursday and signed by its Chairman, Dr. Mohammed Bello Shehu, the RMAFC noted that despite improvements in some areas of the ease of doing business, the time and cost involved in completing company registration and securing necessary regulatory approvals remain excessive.

"Nigeria cannot afford to lose investors because of avoidable administrative inefficiencies. We are in a global competition for capital, and every delay adds to the cost of doing business and reduces our attractiveness. The CAC and allied agencies must accelerate digitisation and streamline their processes as a matter of urgent national interest," Dr. Shehu said.

The Commission's warning comes amid growing concerns about Nigeria's declining share of foreign direct investment flows into Africa. According to the National Bureau of Statistics, capital importation has declined significantly from its 2019 peak, and investors frequently cite regulatory bottlenecks, inconsistent policies, and insecurity as key deterrents.

The Corporate Affairs Commission has in recent years introduced online registration platforms and announced reductions in processing times. However, businesses continue to report difficulties with post-incorporation documentation, tax registration, and sector-specific licences.

The RMAFC called for a comprehensive inter-agency review of the entire business registration lifecycle, with a focus on removing duplication, integrating databases, and introducing enforceable service-level agreements with penalties for non-compliance.

Prime Brief Media will report on further economic indicators and official responses as they become available.

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