By Faith Anisiobi, The Sight News
The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has commenced preparations to attract fresh investments into Nigeria’s oil and gas industry through a proposed investment summit in Beijing, China, later this year.
RMAFC Chairman, Dr. Mohammed Bello Shehu, disclosed this on Wednesday in Abuja at a breakfast meeting with stakeholders in the oil and gas sector.
Shehu said the proposed summit would showcase investment opportunities across the upstream, midstream and downstream segments of Nigeria’s petroleum industry and expose prospective investors to ongoing reforms, technological innovations, financing opportunities and policies aimed at improving the business environment.
He explained that RMAFC’s participation was based on its constitutional responsibility to monitor revenue accruing to and distributed from the Federation Account, as well as advise governments on fiscal efficiency and measures to increase revenue.
The chairman stressed that the commission would remain within its constitutional mandate and collaborate with relevant government agencies, regulators, operators and other stakeholders to achieve the objectives of the summit.
According to him, Nigeria’s abundant hydrocarbon resources, strategic location and large population make the country an attractive investment destination, but unlocking the sector’s full potential requires coordinated efforts among government, investors, financial institutions, industry operators, host communities and development partners.
Shehu disclosed that RMAFC had already engaged Nigerian diplomatic officials in Beijing, Chinese event planners and consultants, the Nigerian Trade Commissioner and other stakeholders as part of preparations for the summit.
He said the Beijing event would feature business-to-business meetings, policy dialogues, investment matchmaking, technical exhibitions and networking sessions designed to promote long-term partnerships, boost local content, create employment and increase government revenue.
The Commissioner for Energy and Minerals, Enugu State, Hon. Franklin Enyinnaya Ogbonna, commended the initiative, saying the country’s oil and gas sector offered significant investment opportunities.
Ogbonna cited the Petroleum Industry Act, regular licensing bid rounds and other government interventions as reforms that had opened up opportunities in exploration, production, infrastructure and crude oil and gas evacuation.
He said Enugu State would use the summit to showcase its natural gas resources and investment potential, assuring prospective investors of the state government’s commitment to security, infrastructure and a conducive business environment.
Also speaking, the Chief of Operations, Nigerian Navy, Rear Admiral Patrick Effel, said security remained critical to attracting investments into the oil and gas sector.
Effel, who represented the Chief of Naval Staff, assured investors of the Navy’s commitment to securing Nigeria’s maritime domain through sustained surveillance and presence at sea.
Meanwhile, Chief Ukadike Chinedu, Chief Operating Officer of Subaz Nigeria Limited and National Publicity Relations Officer of the Independent Petroleum Marketers Association, called for greater investment in petroleum product pipelines.
Ukadike said the deterioration of the pipeline network had increased transportation costs, weakened distribution efficiency and affected energy security.
He urged RMAFC and other stakeholders to make pipeline rehabilitation and development a major focus of the proposed Beijing summit, noting that modern technology and strategic investment could help restore efficient petroleum product distribution and reduce costs.
The Chairman of RMAFC’s Investment Monitoring Committee, Hon. Dr. Ekene Enefe, said the commission would consider the recommendations made by stakeholders and work with relevant institutions to ensure the success of the summit.
The meeting was attended by RMAFC commissioners, Secretary to the Commission Comrade Tosin Adeyanju, members of the Investment Monitoring Committee, government officials, regulators, industry operators and other stakeholders.
