By ObasEsiedesa, Abuja
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has commenced engagements with key stakeholders as part of plans to attract increased Chinese investment into Nigeria’s oil and gas sector and boost revenue accruing to the Federation Account.
The Commission, in a statement by Head, Information and Public Relations Unit, Maryam Yusuf, said it is planning an Oil and Gas Investment Summit in China, tentatively scheduled for the end of November 2026, to showcase investment opportunities in Nigeria’s oil and gas industry to potential investors.
Speaking during a stakeholder engagement in Abuja, Chairman of RMAFC’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, DrEkeneEnefe, said the initiative was part of efforts to increase investment in the sector and expand the nation’s revenue base.
Enefe said the Investment Monitoring Committee, one of the Commission’s constitutional committees, is 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.
He said the Committee had made progress in monitoring the sector, including efforts that had resulted in the recovery of revenues and enforcement of applicable penalties against defaulting oil companies, particularly over obligations under the Petroleum Industry Act (PIA), including gas flaring.
According to him, the Commission identified significant investment opportunities in Nigeria’s gas sector and considered it necessary to facilitate greater participation by investors in both 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.
Enefe disclosed that RMAFC had engaged the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission (NIPC) to explore avenues for attracting investors into the sector.
He said the Commission had also briefed the Presidency on the proposed summit and continued consultations with relevant government agencies to ensure its successful organisation.
Responding, the Minister of State for Petroleum Resources (Gas), Rt. Hon. EkperikpeEkpo, expressed the Ministry’s support for the initiative, stressing the need for Nigeria to effectively showcase its investment opportunities to potential investors. Ekpoemphasised the need for effective implementation of Presidential Executive Orders and the provisions of the Petroleum Industry Act through coordinated action among relevant government institutions.
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