The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has commenced engagements with key stakeholders in the oil and gas sector as part of efforts to attract more investments from China and boost revenue accruing to the Federation Account.
The Commission is planning an Oil and Gas Investment Summit in China, tentatively scheduled for the end of November 2026, to showcase investment opportunities across Nigeria’s oil and gas industry.
The engagement is being led by the Chairman of RMAFC’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr. Ekene Enefe.
Enefe said the initiative was aimed at attracting investors into Nigeria’s oil and gas industry, particularly the upstream and downstream segments.
“We looked at the opportunities in the gas sector of the economy and felt that we need to intervene, especially in bringing investors to the sector, both upstream and downstream,” he said.
He explained that the Investment Monitoring Committee was responsible, among other functions, for monitoring Federal Government investments in the oil and gas sector and ensuring that the country receives its appropriate revenues and accruals.
According to Enefe, the Commission has recorded significant progress in monitoring the sector, including the recovery of revenues and enforcement of applicable penalties against defaulting oil companies.
He said the enforcement efforts had particularly focused on obligations under the Petroleum Industry Act (PIA), including gas-flaring requirements.
“We have made significant progress in monitoring the sector, particularly in ensuring that the country receives the revenues and accruals due to it,” Enefe said.
The RMAFC commissioner said the Commission had identified “enormous investment opportunities” in Nigeria’s gas sector and was seeking to facilitate greater participation by investors.
He disclosed that RMAFC had engaged the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission (NIPC) to explore ways of attracting investments into the sector.
“Our objective is to bring investors into the sector, showcase the opportunities available and support the development of the industry,” he said.
Enefe said the Commission had briefed the Presidency on the proposed summit and was continuing consultations with relevant government agencies to ensure its success.
He explained that China was deliberately chosen as the host country because of its significant role in the global energy and investment landscape.
“China was chosen deliberately because of its position in the global energy and investment space and the opportunities it presents for Nigeria,” Enefe said.
He added that consultations had already been held with the Nigerian High Commission in Beijing, including the Nigerian Ambassador and other stakeholders, who expressed support for the initiative.
The Commission is scheduled to hold a stakeholder breakfast meeting on Wednesday, September 9, at the Transcorp Hilton, Abuja, to formally brief relevant government institutions on the proposed summit.
Enefe said the meeting would allow stakeholders to contribute ideas towards the successful organisation of the summit.
“We want all the relevant stakeholders to be part of this process because their contributions will be critical to the success of the summit,” he said.
He also called on participating ministries and agencies to nominate representatives to serve on the planning committee.
The Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, expressed the Ministry’s support for the initiative.
Ekpo stressed the importance of showcasing Nigeria’s investment opportunities to international investors, saying increased investments in the oil and gas sector would support economic development.
“We need to showcase the investment opportunities available in Nigeria and attract the investors that will help us develop these resources for the benefit of our people,” Ekpo said.
The proposed summit is expected to provide a platform for Nigeria to engage potential investors, promote opportunities across the oil and gas value chain and attract investments capable of strengthening the sector and increasing government revenue.