The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is seeking to attract fresh Chinese investment into Nigeria’s oil and gas industry as part of efforts to increase revenue accruing to the Federation Account.
The commission has commenced consultations with relevant government agencies and stakeholders ahead of a proposed Oil and Gas Investment Summit in China, tentatively scheduled for the end of November 2026.
The summit is expected to showcase investment opportunities across Nigeria’s upstream and downstream petroleum sectors, with particular emphasis on the country’s significant gas resources.
RMAFC said the initiative is being coordinated through its Investment Monitoring Committee, chaired by the commission’s Federal Commissioner representing Anambra State, Dr Ekene Enefe.
According to Enefe, the commission is particularly interested in attracting investors into Nigeria’s gas sector, both in upstream production and downstream activities.
RMAFC said its Investment Monitoring Committee is responsible for monitoring Federal Government investments in the oil and gas industry and ensuring that the country receives appropriate revenues and accruals from the sector.
The commission also noted that its monitoring activities have contributed to revenue recoveries and the enforcement of penalties against oil companies that default on their obligations, including requirements under the Petroleum Industry Act relating to gas flaring.
Why China?
Enefe explained that China was selected as the venue for the proposed summit because of its significant position in global energy and investment.
RMAFC has already engaged the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission as part of preparations for the event. The commission has also briefed the Presidency and held discussions with Nigerian diplomatic officials in Beijing, including the Nigerian Ambassador.
The initiative has received backing from the Ministry of Petroleum Resources, with Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, expressing support for efforts to showcase Nigeria’s petroleum investment opportunities to international investors.
Ekpo said Nigeria must aggressively promote its petroleum industry to attract capital and support economic development.
He also highlighted Nigeria’s estimated 215 trillion cubic feet of gas reserves, describing the resource as a major opportunity for industrial growth, regional energy development and stronger participation in the global energy market.
Stakeholder Meeting Set for Abuja
As part of preparations for the proposed China summit, RMAFC is scheduled to hold a stakeholder breakfast meeting on Wednesday, September 9, at the Transcorp Hilton Hotel in Abuja.
The meeting is expected to bring together government ministries, departments and agencies involved in the oil and gas and investment sectors to discuss the proposed summit and make recommendations on its organisation.
The commission is also seeking representatives from relevant ministries and agencies to serve on a planning committee that will coordinate preparations for the China event.
RMAFC said attracting more investment into Nigeria’s petroleum industry could help unlock the country’s natural resources, strengthen oil and gas revenues and ultimately increase funds available for distribution to the Federal Government, states and local governments.
