By Faith Anisiobi, The Sight News
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has commenced consultations with key stakeholders in Nigeria’s oil and gas sector as part of efforts to attract fresh investments and increase revenue accruing to the Federation Account.
The engagement, led by the Chairman of RMAFC’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr. Ekene Enefe, is focused on preparations for an Oil and Gas Investment Summit proposed to be held in China by the end of November 2026.
Enefe said the initiative was conceived to showcase investment opportunities in Nigeria’s oil and gas industry, particularly the gas sector, while encouraging greater participation in both the upstream and downstream segments.
He explained that the Investment Monitoring Committee, one of the Commission’s constitutional committees, is responsible for monitoring Federal Government investments in the oil and gas sector and ensuring that the country receives its appropriate revenues and accruals.
According to him, the committee has made progress in monitoring activities in the sector, including efforts that have led to the recovery of revenues and enforcement of applicable penalties against defaulting oil companies, particularly over obligations under the Petroleum Industry Act (PIA), including gas-flaring provisions.
“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) to explore strategies for attracting investors into the sector
Enefe added that the Commission had briefed the Presidency on the initiative and was consulting relevant government agencies to ensure the success of the proposed summit.
He said China was selected as the proposed host because of its significant role in the global energy and investment landscape.
According to him, RMAFC had also consulted 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 would be held on Wednesday, September 9, at the Transcorp Hilton, Abuja, to formally brief key government institutions and agencies on the proposed summit.
He urged participating ministries and agencies 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, stressing the need for Nigeria to effectively showcase its investment opportunities to accelerate economic development.
Ekpo emphasized the importance of implementing Presidential Executive Orders and the provisions of the PIA through coordinated action among relevant government institutions.
He highlighted Nigeria’s estimated 215 trillion cubic feet of natural gas reserves, describing the resource as a major opportunity to drive economic growth, strengthen the regional energy market and enhance the country’s position in the global energy landscape.
“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 serve on the summit planning committee.
He commended RMAFC for the initiative, expressing confidence that the proposed summit would help attract new investments into Nigeria’s oil and gas sector, with the potential to expand government revenue and contribute to national development.
The engagement underscores RMAFC’s efforts to strengthen inter-agency collaboration, promote investment in strategic sectors and maximize the revenue potential of Nigeria’s natural resources for the benefit of all tiers of government and the Nigerian people.
The meeting was also attended by the Federal Commissioner representing Kogi State, Hon. Abdulazeez Idris King, and the Director of Gas and Investment Department, Hajiya Zainab Larai Adamu.
