The Revenue Mobilisation Allocation and Fiscal Commission has begun consultations with key government agencies ahead of a proposed oil and gas investment summit in China as part of efforts to attract fresh capital into Nigeria’s energy sector and boost revenue accruing to the Federation Account.
The summit, tentatively scheduled for the end of November 2026, is expected to target investment opportunities across the upstream and downstream segments of the oil and gas industry, with particular attention to Nigeria’s vast gas resources.
RMAFC disclosed this in a statement issued on Monday by its Head of Information and Public Relations Unit, Maryam Umar-Yusuf, following an engagement between the commission and stakeholders in the petroleum sector.
According to the statement, the engagement was led by the Chairman of RMAFC’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr Ekene Enefe.
The statement read, “The Revenue Mobilisation Allocation and Fiscal Commission has commenced engagements with key stakeholders in the oil and gas sector as part of efforts to attract increased investment into Nigeria’s oil and gas industry to boost revenue accruing to the Federation Account.
“The engagement, led by the Chairman of the Commission’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr Ekene Enefe, is aimed at briefing relevant government agencies on plans to organise an Oil and Gas Investment Summit in China, tentatively scheduled for the end of November 2026.”
Enefe said the initiative formed part of the commission’s efforts to increase investment in the petroleum industry and expand revenues available for distribution among the three tiers of government.
“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.
The RMAFC official explained that the Investment Monitoring Committee was responsible for monitoring Federal Government investments in the oil and gas industry and ensuring that the country received the appropriate revenues and accruals from the sector.
He said the committee had made progress in monitoring the industry, including efforts that resulted in revenue recoveries and the enforcement of penalties against defaulting oil companies.
According to the statement, some of the interventions were linked to obligations imposed on operators under the Petroleum Industry Act, including provisions relating to gas flaring.
Enefe said RMAFC had identified substantial investment opportunities in Nigeria’s gas industry and believed that attracting investors into both upstream production and downstream activities could help the country unlock more value from its natural resources.
He disclosed that the commission had already opened discussions with institutions responsible for trade and investment promotion, including the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission.
RMAFC has also briefed the Presidency on the proposed summit and is consulting other government agencies ahead of the planned event. Explaining the decision to hold the summit in China, Enefe said the Asian country was selected because of its significant position in global energy and investment.
The commission said consultations had also been held with Nigerian diplomatic officials in Beijing, including the Nigerian Ambassador and other stakeholders, who expressed support for the initiative.
As part of preparations, RMAFC is scheduled to hold a stakeholder breakfast meeting on Wednesday, September 9, at the Transcorp Hilton in Abuja.
The meeting is expected to bring together government ministries, departments and agencies involved in the oil and gas and investment sectors to discuss the proposed summit and make recommendations on its organisation.
Enefe also asked participating ministries and agencies to nominate representatives to a planning committee that would coordinate preparations for the China summit.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, expressed the ministry’s support for the initiative, saying Nigeria needed to aggressively showcase investment opportunities in its petroleum industry to attract capital and support economic development.
Ekpo stressed the importance of coordinated implementation of presidential executive orders and provisions of the Petroleum Industry Act by government institutions.
He pointed to Nigeria’s estimated 215 trillion cubic feet of gas reserves as a major opportunity to drive industrial and economic growth, strengthen the regional energy market and improve the country’s position in the global energy industry.
“The time has come for us to really decide for our nation, work for our nation, put things in the correct perspective,” the minister said.
He assured RMAFC that the Ministry of Petroleum Resources would work with the commission and other relevant agencies to ensure that the proposed summit achieved its objectives.
Ekpo also said the ministry would nominate a representative to serve on the summit’s planning committee. The minister expressed optimism that the initiative could attract new investments into the oil and gas sector and consequently increase government revenue.
Nigeria has in recent years intensified efforts to attract capital into its oil and gas industry, particularly the gas segment, as the government seeks to raise production, improve domestic energy supply and generate additional foreign exchange and fiscal revenue.
The Federal Government has also sought to position gas as a major component of the country’s energy transition and industrialisation strategy, with investment required in exploration, processing, pipelines, liquefied natural gas and other infrastructure necessary to commercialise the country’s reserves.
For RMAFC, increased investment in the petroleum industry is particularly significant because oil and gas earnings remain an important source of revenue flowing into the Federation Account, from which funds are distributed monthly to the Federal Government, states and local governments.
The commission said the planned summit was therefore part of its wider push to strengthen inter-agency cooperation, promote investment in strategic sectors and ensure that Nigeria derives greater revenue from its natural resources.
Also present at the engagement were the RMAFC Federal Commissioner representing Kogi State, Abdulazeez King, and the Director of the Gas and Investment Department, Zainab Adamu.
SOURCE: PUNCH NEWS PAPER
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