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 increased investment into the industry as well as boost revenue accruing to the Federation Account.
Led by the Chairman of the Commission’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr. Ekene Enefe said the engagement 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.
Speaking during the stakeholder engagement, Dr. Enefe explained that 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 nation receives its appropriate revenues and accruals from the sector.
According a statement by Maryam Umar Yusuf, the Head, Information and Public Relations Unit of RMAFC, the Chairman noted that the Committee had recorded significant progress in monitoring the sector, including efforts that have resulted in the recovery of revenues and enforcement of applicable penalties against defaulting oil companies, particularly in relation to provisions of the Petroleum Industry Act (PIA), including gas-flaring obligations.
He explained that the Commission had identified the enormous investment opportunities in Nigeria’s gas sector and considered it necessary to facilitate greater participation by investors in both the upstream and downstream segments of the industry.
“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,” Dr. Enefe said.
He disclosed that RMAFC had already engaged relevant institutions responsible for investment promotion and trade, including the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission (NIPC), to explore avenues for attracting investors into the sector.
Enefe further explained that the proposed summit was conceived as part of the Commission’s broader efforts to support the development of the oil and gas industry, increase investments and ultimately expand the nation’s revenue base.
He said RMAFC had briefed the Presidency on the initiative and had continued consultations with relevant government agencies towards ensuring a successful summit.
In the statement, the Chairman noted that China was deliberately chosen as the host country because of its significant role in the global energy and investment landscape. He added that consultations had already been held with the Nigerian High Commission in Beijing, including discussions with the Nigerian Ambassador and other stakeholders, who expressed support for the initiative.
He also disclosed that the stakeholder breakfast meeting, scheduled for Wednesday, September 9, at Transcorp Hilton, Abuja, is expected to bring together key government institutions and agencies in the oil and gas investment sectors.
Enefe said the meeting would provide an opportunity to formally brief stakeholders on the proposed summit and obtain their contributions towards its successful organisation. He also called on participating ministries and agencies to nominate representatives to serve on the planning committee for the summit.
The statement further stated that in response, the Minister of State for Petroleum Resources (Gas), Rt. Hon. Obongemem Ekperikpe Ekpo, expressed the Ministry’s support for the initiative, stressing the need for Nigeria to showcase the investment opportunities in the country to boost economic development.
The Minister emphasised that Presidential Executive Orders and the provisions of the Petroleum Industry Act must be effectively implemented through coordinated action among relevant government institutions.
He highlighted the country’s substantial gas reserves, noting that the nation’s estimated 215 trillion cubic feet of gas reserves provide a significant opportunity to drive economic growth, strengthen the regional energy market and position Nigeria more prominently on the global energy platform.
The statement said the Minister reaffirmed that the Ministry of Petroleum Resources would work closely with RMAFC and other relevant agencies to ensure that the proposed summit achieves its objectives.”The time has come for us to really decide for our nation, work for our nation, put things in the correct perspective,” the Minister stated.
Ekpo also assured RMAFC of the Ministry’s cooperation in the planning process and disclosed that a representative would be nominated to participate in the summit planning committee.
He commended RMAFC for the initiative and expressed confidence that the proposed investment summit would create opportunities for attracting new investments into Nigeria’s oil and gas sector, thereby contributing to national development and increased government revenue.
“The engagement underscores RMAFC’s commitment to strengthening inter-agency collaboration, promoting investment in strategic sectors of the economy and ensuring that Nigeria maximises the revenue potential of its natural resources for the benefit of all tiers of government and the Nigerian people” the statement noted.