Key Points
- RMAFC is consulting stakeholders ahead of a proposed oil and gas summit in China.
- The summit is tentatively scheduled for November 2026.
- Commission says increased investment could expand Federation Account revenues.
Main Story
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has begun consultations with government agencies and oil and gas stakeholders ahead of a proposed investment summit in China aimed at attracting fresh capital into Nigeria’s petroleum sector.
Dr Ekene Enefe, Chairman of RMAFC’s Investment Monitoring Committee, disclosed this on Monday in Abuja during a stakeholders’ engagement.
Enefe, who represents Anambra on the commission, said the proposed Oil and Gas Investment Summit was tentatively scheduled for November 2026.
He said the initiative was part of efforts to identify and promote investment opportunities across Nigeria’s oil and gas value chain while increasing the revenues accruing to the Federation Account.
According to him, RMAFC’s constitutional committees are mandated to monitor Federal Government investments in the sector and ensure that the country receives appropriate revenues and other accruals from them.
Enefe said the commission had recorded progress in monitoring oil and gas investments, including recovering revenues and enforcing penalties against companies that defaulted on their obligations under the Petroleum Industry Act.
He said some of the penalties related to breaches of provisions covering gas flaring.
The chairman said RMAFC had identified substantial investment opportunities in Nigeria’s gas sector and considered it necessary to encourage greater participation in both upstream and downstream activities.
“We looked at the opportunities in the gas sector and felt that we need to intervene, especially in bringing investors to the sector,” he said.
He said the commission had engaged the Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission to explore ways of attracting investors.
Enefe said China was selected for the proposed summit because of its significant role in the global energy and investment landscape.
He added that RMAFC had consulted the Nigerian High Commission in Beijing, including Nigeria’s ambassador and other stakeholders, who expressed support for the initiative.
The commission has also briefed the Presidency and is consulting relevant government agencies as preparations for the summit continue.
Enefe said a stakeholder breakfast meeting scheduled for Wednesday in Abuja would formally brief participating institutions on the proposed summit and obtain their input.
He said ministries and agencies would nominate representatives to serve on the summit’s planning committee.
The Issues
RMAFC is seeking to link Nigeria’s oil and gas investment opportunities with potential international investors while strengthening government revenue from the sector.
The commission’s focus on the gas industry reflects the investment opportunities it has identified across the value chain. Nigeria has estimated gas reserves of about 215 trillion cubic feet, according to the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo.
What’s Being Said
“We looked at the opportunities in the gas sector and felt that we need to intervene, especially in bringing investors to the sector,” Enefe said.
Ekpo stressed the need to “showcase Nigeria’s investment opportunities” and ensure effective implementation of Presidential Executive Orders and the Petroleum Industry Act.
Ekpo said the initiative could attract new investments and increase government revenue.
What’s Next
RMAFC will continue consultations with relevant government institutions and stakeholders ahead of the proposed November 2026 summit.
The ministries and agencies involved are expected to nominate representatives to the summit’s planning committee, while the Ministry of State for Petroleum Resources (Gas) has pledged its cooperation.
Bottom Line
RMAFC is preparing to take Nigeria’s oil and gas investment opportunities to potential investors in China as part of efforts to attract fresh capital and increase Federation Account revenues. The proposed November 2026 summit will be preceded by further inter-agency consultations and planning.
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