China Summit: RMAFC Targets Fresh Investments for Oil, Gas Sector

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says its proposed oil and gas investment summit in China will showcase Nigeria's investment opportunities and foster partnerships aimed at boosting revenue and driving economic growth.

The Chairman of RMAFC, Dr Mohammed Shehu, disclosed this at a Stakeholders' Breakfast Meeting with the Oil and Gas sector, held in Abuja on Wednesday ahead of the planned summit in China.

According to Shehu, the summit will highlight investment opportunities across Nigeria's upstream, midstream and downstream petroleum sectors, with the aim of attracting greater investment into the industry. He explained that the event will provide investors with information on ongoing reforms, technological innovations, financing options, and policies designed to improve the ease of doing business in the country.

"The initiative is part of the commission's constitutional responsibility to advise governments on fiscal efficiency and ways to increase revenue. The commission will work with relevant government agencies and stakeholders to ensure the success of the proposed summit," he said.

Shehu noted that Nigeria's abundant hydrocarbon resources, strategic geographic location, and vibrant population present significant opportunities for investment in the oil and gas sector. He, however, stressed the need for deliberate collaboration among government institutions, investors, industry operators, financial institutions, host communities, and development partners to fully harness these opportunities.

He disclosed that the commission had already visited China in preparation for the summit, holding meetings with Nigerian diplomatic officials, trade representatives, and event consultants. Shehu said the commission remains encouraged by ongoing Federal Government reforms aimed at strengthening investor confidence and establishing a more predictable regulatory environment.

"The summit will facilitate business-to-business engagements, policy dialogues, investment matchmaking, technical exhibitions and networking opportunities," he said, adding that such engagements would help foster long-term partnerships, boost local content participation, and generate employment opportunities within the sector.

He urged stakeholders to contribute ideas and recommendations to help the commission organise a summit capable of attracting high-quality investments into Nigeria, expressing confidence that collaborative efforts among stakeholders would help project the country's investment potential and support its broader economic transformation.

Also speaking at the event, the Executive Commissioner for Development and Production at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Enorense Amadasu, said Nigeria's upstream oil and gas sector offers significant investment opportunities following reforms and interventions introduced by President Bola Tinubu's administration. He noted that the Petroleum Industry Act, alongside recent presidential executive orders, has opened up new opportunities for investors, adding that the commission is working to increase reserves, production, and overall investment in the sector.

Mallam Rabiu Umar, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said the Petroleum Industry Act is focused on adding value to Nigeria's midstream and downstream oil and gas sectors. He commended the organisers for promoting investment in the sector and assured investors of the agency's continued regulatory support. Umar was represented at the event by Dr Priscilla Ekpe, Head of the Investment Promotion, Economic Regulations and Strategic Planning Directorate.

Rear Admiral Patrick Effah, Chief of Operations for the Nigerian Navy, emphasised that security remains critical to revenue generation, noting that a safe maritime environment is essential for trade and commerce. He assured that the Navy would continue to provide security across Nigeria's maritime corridors to strengthen investor confidence and attract more investment into the country.

The Governor of Enugu State, Peter Mbah, represented by the Commissioner for Energy and Mineral Resources, Mr Enyima Ogbonna, said the state remains committed to developing its natural gas assets to drive industrialisation and economic growth across the South-East. He noted that Enugu State has invested significantly in security and infrastructure, positioning it to attract investors through the upcoming summit in Beijing, China.