The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) is preparing to take Nigeria’s oil and gas investment opportunities to China as part of efforts to attract fresh capital into the sector and increase revenue accruing to the Federation Account.
The commission is consulting key government agencies and stakeholders ahead of a proposed Oil and Gas Investment Summit in China, tentatively scheduled for the end of November 2026.
The planned summit is expected to focus on investment opportunities across Nigeria’s upstream and downstream petroleum sectors, with particular attention to the country’s gas resources.
RMAFC disclosed the plan in a statement issued on Monday by its Head of Information and Public Relations Unit, Maryam Umar-Yusuf, following an engagement with stakeholders in the petroleum industry.
The engagement was led by the Chairman of RMAFC’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr Ekene Enefe.
Enefe said the initiative was aimed at attracting investors into Nigeria’s petroleum industry and expanding the revenue available for distribution among the Federal Government, states and local governments.
“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.
RMAFC seeks fresh investment in oil, gas
According to the commission, its Investment Monitoring Committee is responsible for monitoring Federal Government investments in the oil and gas industry and ensuring that the country receives the revenues and other accruals due from the sector.
Enefe said the committee had recorded progress in monitoring the industry, including efforts that resulted in revenue recoveries and penalties against oil companies that failed to meet their obligations.
Some of the interventions, the commission said, were linked to requirements under the Petroleum Industry Act, including provisions relating to gas flaring.
But RMAFC is now seeking to go beyond revenue monitoring by helping to attract the investment required to expand activity in the industry.
Enefe said the commission had identified substantial opportunities in Nigeria’s gas industry, particularly in upstream production and downstream activities.
As part of the preparations for the China summit, RMAFC has opened discussions with the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission.
The commission has also briefed the Presidency and is consulting other government agencies involved in the petroleum and investment sectors.
Why China?
Enefe explained that China was chosen as the venue because of its significant position in global energy and investment.
RMAFC has also held discussions with Nigerian diplomatic officials in Beijing, including the Nigerian Ambassador, who reportedly expressed support for the proposed initiative.
Before the China summit, the commission is expected to hold a stakeholder breakfast meeting on Wednesday, September 9, at the Transcorp Hilton in Abuja.
The meeting will bring together ministries, departments and agencies involved in the oil and gas and investment sectors to discuss preparations for the summit and make recommendations on how it should be organised.
Participating agencies are also expected to nominate representatives to a planning committee that will coordinate the preparations.
FG backs China oil and gas investment summit
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, expressed the ministry’s support for the proposed summit.
Ekpo said Nigeria needed to showcase its petroleum investment opportunities more aggressively in order to attract capital and support economic growth.
He also stressed the need for government institutions to coordinate the implementation of presidential executive orders and provisions of the Petroleum Industry Act.
According to the minister, Nigeria’s estimated 215 trillion cubic feet of gas reserves represent a major opportunity for industrial and economic development, as well as for strengthening the country’s position in the regional and global energy markets.
He assured RMAFC that the Ministry of Petroleum Resources would work with the commission and other relevant agencies to ensure the proposed summit achieves its objectives.
Nigeria seeks more oil, gas investment
The planned China summit comes as Nigeria continues efforts to attract investment into its oil and gas industry, particularly the gas sector.
The government has been seeking new capital to increase production, improve domestic energy supply and generate additional foreign exchange and government revenue.
Gas development will require investment across exploration and production, processing, pipelines, liquefied natural gas and other infrastructure needed to commercialise Nigeria’s reserves.
For RMAFC, increased investment in the petroleum industry also has direct implications for public finances because oil and gas earnings remain an important source of revenue for the Federation Account.
The commission said the proposed China summit was therefore part of a broader effort to strengthen cooperation among government agencies, attract investment into strategic areas of the petroleum industry and increase the revenue Nigeria derives from its natural resources.
