Joseph Bakare
Nigerian Government through the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is consulting with critical Agencies as it proposes oil and gas investment summit in China.
The latest round of event is aimed at attracting fresh capital into Nigeria’s energy sector and boosting Federation Account revenues.
Dr Ekene Enefe, Chairman of RMAFC’s Investment Monitoring Committee, disclosed this in Abuja during a stakeholders’ engagement.
Enefe, who represents Anambra on the commission, said the proposed Oil and Gas Investment Summit in China was tentatively scheduled for November 2026.
The summit, tentatively scheduled for November 2026, will target opportunities across upstream and downstream segments, with particular focus on Nigeria’s vast gas resources.
“We looked at the opportunities in the gas sector especially in bringing investors to the sector, both upstream and downstream,” said Dr. Ekene Enefe, Chairman of RMAFC’s Investment Monitoring Committee.
Enefe explained that the committee monitors federal investments in oil and gas, ensuring appropriate revenues and enforcing penalties against defaulting companies. Some interventions have been linked to obligations under the Petroleum Industry Act, including gas flaring provisions.
RMAFC has already engaged the Ministry of Industry, Trade and Investment, the Nigerian Investment Promotion Commission, and briefed the Presidency. Consultations have also been held with Nigerian diplomats in Beijing, who expressed support for the initiative.
Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, backed the plan, stressing Nigeria’s estimated 215 trillion cubic feet of gas reserves as a major opportunity. “The time has come for us to really decide for our nation, work for our nation, put things in the correct perspective,” he said.
Ekpo assured RMAFC of collaboration, noting that coordinated implementation of presidential executive orders and the Petroleum Industry Act was critical. He added that the ministry would nominate a representative to the summit’s planning committee.
Nigeria has intensified efforts to attract capital into its gas industry as part of its energy transition and industrialisation strategy.
For RMAFC, increased investment is vital since oil and gas earnings remain a key source of Federation Account revenue distributed monthly to federal, state and local governments.