RMAFC Plans Oil, Gas Investment Summit in China to Attract New Investments

Oru Leonard 

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has commenced consultations with key stakeholders in Nigeria’s oil and gas sector towards attracting fresh investments into the industry and increasing revenues accruing to the Federation Account.
The initiative is part of plans by the Commission to organise an Oil and Gas Investment Summit in China, tentatively scheduled for the end of November 2026.
The engagement is being led by the Chairman of RMAFC’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr. Ekene Enefe.
Speaking during the stakeholder engagement, 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 from the industry.
He said the committee had recorded significant progress in monitoring the sector, including efforts that had contributed to 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.
According to him, RMAFC identified huge investment opportunities in Nigeria’s gas sector and decided to facilitate increased participation of 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,” he said.
Enefe disclosed that the Commission had already engaged the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission (NIPC) to explore avenues for attracting investors into Nigeria’s oil and gas sector.
He explained that the proposed summit formed part of RMAFC’s broader efforts to support the development of the industry, increase investment and ultimately expand the nation’s revenue base.
The RMAFC official said the Commission had also briefed the Presidency on the initiative and continued consultations with relevant government institutions to ensure the success of the proposed summit.
He said China was deliberately selected as the host country because of its significant role in the global energy and investment landscape.
According to him, 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.
Enefe further disclosed that a stakeholder breakfast meeting scheduled for Wednesday, September 9, at Transcorp Hilton, Abuja, would bring together key government institutions and agencies involved in oil and gas investment.
He said the meeting would provide an opportunity to formally brief stakeholders on the proposed summit and obtain their input towards its successful organisation.
He also called on participating ministries and agencies to nominate representatives to serve on the planning committee for the summit.
Responding, 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 its investment opportunities to attract capital and accelerate economic development.
The Minister emphasised the importance of effectively implementing Presidential Executive Orders and the provisions of the Petroleum Industry Act through coordinated action among relevant government institutions.
He highlighted Nigeria’s substantial gas reserves, noting that the country’s estimated 215 trillion cubic feet of gas reserves present significant opportunities to drive economic growth, strengthen the regional energy market and enhance Nigeria’s position on the global energy platform.
Ekpo assured RMAFC that the Ministry of Petroleum Resources would work closely with the Commission 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,” he stated.
The Minister also assured the Commission 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, expressing confidence that the investment summit would create opportunities for attracting new investments into Nigeria’s oil and gas sector and contribute to national development and increased government revenue.
The engagement underscores RMAFC’s commitment to strengthening inter-agency collaboration, promoting investment in strategic sectors and ensuring that Nigeria maximises the revenue potential of its natural resources for the benefit of all tiers of government and the Nigerian people.
Also in attendance were the Federal Commissioner representing Kogi State, Hon. Abdulazeez Idris King, and the Director of Gas and Investment Department.

Cover Photo Caption: 3rd-L; Chairman of the Commission’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr. Ekene Enefe,
3rd-R; Honourable Minister of State for Petroleum Resources (Gas), Rt. Hon. Obongemem Ekperikpe Ekpo,
2nd-R; Federal Commissioner representing Kogi State, Hon. Abdulazeez Idris King, 1st-R; the Director of Gas and Investment, Department, Hajiya Zainab Larai Adamu, and others during the courtesy visit to the Ministry of Petroleum Resources.