The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has stepped up engagements with key stakeholders in Nigeria’s oil and gas industry as part of efforts to attract fresh investments and increase revenues accruing to the Federation Account.
The Commission said it is working towards organising an Oil and Gas Investment Summit in China, tentatively scheduled for late November 2026, to showcase investment opportunities across Nigeria’s upstream and downstream petroleum sectors.
The initiative is being led by the Chairman of RMAFC’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr. Ekene Enefe.
Speaking during a stakeholder engagement in Abuja, Enefe said the summit was conceived as part of the Commission’s mandate to monitor Federal Government investments in the oil and gas sector and ensure that the country receives its appropriate revenues and accruals.
He said the committee had made progress in monitoring activities within the sector, including the recovery of revenues and enforcement of applicable penalties against defaulting oil companies, particularly over obligations arising from the Petroleum Industry Act (PIA), including gas-flaring provisions.
According to him, RMAFC’s assessment of Nigeria’s gas industry revealed significant investment opportunities that could be better harnessed by attracting investors into 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,” Enefe said.
He disclosed that RMAFC had engaged the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission (NIPC) as part of efforts to develop strategies for attracting investors into the sector.
Enefe said the Commission had also briefed the Presidency on the proposed summit and was consulting relevant government agencies to ensure its effective organisation.
He explained that China was selected as the proposed host because of its strategic position in the global energy and investment landscape.
According to him, RMAFC had commenced discussions with the Nigerian High Commission in Beijing, including the Nigerian Ambassador and other stakeholders, who expressed support for the initiative.
Enefe further disclosed that a stakeholder breakfast meeting scheduled for Wednesday, September 9, at Transcorp Hilton, Abuja, would bring together relevant ministries, departments and agencies involved in oil and gas investment.
He said the meeting would formally brief stakeholders on the proposed summit and secure their input, while participating agencies would be requested to nominate representatives to serve on the summit’s planning committee.
Responding, the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, expressed the ministry’s support for the initiative, saying Nigeria must do more to showcase its vast investment opportunities to global investors.
Ekpo stressed the importance of coordinated implementation of Presidential Executive Orders and the provisions of the Petroleum Industry Act, noting that effective collaboration among government institutions was critical to unlocking the full potential of the sector.
He said Nigeria’s estimated 215 trillion cubic feet of gas reserves represented a major opportunity to accelerate economic growth, strengthen the regional energy market and enhance 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.
Ekpo assured RMAFC of the ministry’s cooperation in the planning process and said a representative would be nominated to the summit’s planning committee.
He commended the Commission for the initiative, expressing confidence that the proposed summit would help attract new investments into Nigeria’s oil and gas industry and ultimately boost government revenues and national development.
The engagement reinforces RMAFC’s efforts to deepen inter-agency collaboration, promote investment in strategic sectors and maximise the revenue potential of Nigeria’s natural resources for the benefit of all tiers of government and citizens.
Also in attendance were RMAFC Federal Commissioner for Kogi State, Hon. Abdulazeez Idris King, and the Director of Gas and Investment Department, Hajiya Zainab Larai Adamu.
