The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is intensifying engagements with stakeholders in Nigeria’s oil and gas industry as part of efforts to attract new investments and boost revenues accruing to the Federation Account.
The Commission is planning an Oil and Gas Investment Summit in Beijing, China, tentatively scheduled for late November 2026, to showcase investment opportunities in Nigeria’s upstream and downstream petroleum sectors.
The initiative is being championed 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 proposed summit was part of the Commission’s mandate to monitor Federal Government investments in the oil and gas sector while ensuring that the country receives its rightful revenues and accruals.
He said the committee had recorded progress in monitoring activities across the sector, including the recovery of revenues and enforcement of applicable penalties against defaulting oil companies, particularly obligations arising from the Petroleum Industry Act (PIA), including provisions on gas flaring.
Enefe said RMAFC’s assessment of the gas industry showed that Nigeria had 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,” he said.
He disclosed that the Commission had engaged the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission (NIPC) to develop strategies for attracting investments into the sector.
According to him, RMAFC had also briefed the Presidency on the proposed summit and was consulting relevant government agencies to ensure its successful organisation.
He explained that China was chosen as the proposed host because of its strategic importance in the global energy and investment landscape.
Enefe added that the Commission had commenced discussions with the Nigerian High Commission in Beijing, including the Nigerian Ambassador and other stakeholders, who had expressed support for the initiative.
He further disclosed that a stakeholder breakfast meeting scheduled for Wednesday, September 9, at the Transcorp Hilton, Abuja, would bring together ministries, departments and agencies involved in oil and gas investment.
He said the meeting would formally brief stakeholders on the proposed summit, obtain their input and seek nominations from participating agencies for 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, stressing the need for Nigeria to do more to showcase its vast investment opportunities to international investors.
Ekpo emphasised 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 sector’s full potential.
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 pledged that 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 attract fresh investments into Nigeria’s oil and gas industry, increase government revenues and contribute to national development.
The engagement underscores RMAFC’s efforts to strengthen 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 the RMAFC Federal Commissioner for Kogi State, Hon. Abdulazeez Idris King, and the Director of Gas and Investment Department, Hajiya Zainab Larai Adamu.
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