RMAFC TO HOLD CHINA OIL, GAS INVESTMENT SUMMIT IN NOVEMBER
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By: Fasasi Hammad
The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) has commenced consultations with key government agencies and stakeholders ahead of a proposed oil and gas investment summit in China.
The summit, tentatively scheduled for the end of November 2026, is aimed at attracting fresh capital into Nigeria’s oil and gas industry, particularly in the upstream and downstream sectors, while increasing revenue accruing to the Federation Account.
RMAFC disclosed this in a statement issued on Monday by the Head of its Information and Public Relations Unit, Maryam Umar-Yusuf, following an engagement with stakeholders in the petroleum sector.
The engagement was led by the Chairman of the Commission’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr Ekene Enefe.
According to the commission, the initiative is part of efforts to increase investment in the petroleum sector and expand revenues available for distribution among the three tiers of government.
Enefe said the commission had identified significant opportunities in Nigeria’s gas sector and was seeking to attract investors to both upstream production and downstream activities.
“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 for monitoring Federal Government investments in the oil and gas sector and ensuring that the country receives the appropriate revenues and accruals.
Enefe said the committee had recorded progress in monitoring the industry, including revenue recoveries and the enforcement of penalties against defaulting oil companies.
He added that some of the commission’s interventions were connected to obligations imposed on oil and gas operators under the Petroleum Industry Act, including provisions relating to gas flaring.
RMAFC has commenced discussions with institutions involved in trade and investment promotion, including the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission.
The commission has also briefed the Presidency on the proposed summit and is consulting other relevant government agencies.
Enefe said China was selected as the venue because of its significant role in global energy and investment. He added that Nigerian diplomatic officials in Beijing, including the Nigerian Ambassador, had been consulted and 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 will bring together ministries, departments and agencies involved in the oil and gas and investment sectors to deliberate on the proposed summit and make recommendations on its organisation.
Enefe also requested participating agencies to nominate representatives to a planning committee that will coordinate preparations for the China summit.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, expressed the ministry’s support for the initiative, stressing the need for Nigeria to aggressively showcase investment opportunities in its petroleum industry.
Ekpo highlighted Nigeria’s estimated 215 trillion cubic feet of gas reserves as a major opportunity to drive industrial growth, strengthen the regional energy market and improve the country’s position in the global energy industry.
He assured RMAFC that the Ministry of Petroleum Resources would collaborate with the commission and other relevant agencies to ensure the summit achieves its objectives.
The minister also confirmed that the ministry would nominate a representative to the summit’s planning committee.
RMAFC said increased investment in the oil and gas industry was critical to strengthening government revenue, given the sector’s importance to the Federation Account, from which funds are distributed among the Federal, state and local governments.
The commission said the planned summit forms part of its broader efforts to strengthen inter-agency cooperation, attract investment into strategic sectors and ensure that Nigeria derives greater value from its natural resources.
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