Abuja: The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has announced its plan to host an oil and gas investment summit in China, aiming to highlight Nigeria’s investment opportunities and foster partnerships to enhance revenue and stimulate economic growth.
According to News Agency of Nigeria, the RMAFC Chairman, Dr. Mohammed Shehu, revealed details of the forthcoming summit during a Stakeholders’ Breakfast Meeting with the Oil and Gas sector in Abuja. The event is set to exhibit opportunities within Nigeria’s upstream, midstream, and downstream petroleum sectors, with the goal of attracting investments into the industry.
Shehu emphasized that the summit will provide potential investors with insights into ongoing reforms, technological advancements, financing options, and policies designed to improve the business environment in Nigeria. He noted that the initiative aligns with the commission’s constitutional duty to advise governments on fiscal efficiency and methods to increase revenue. Collaboration with various government agencies and stakeholders is expected to ensure the summit’s success.
Highlighting Nigeria’s abundant hydrocarbon resources, strategic location, and vibrant population, Shehu underscored the significant investment potential within the country’s oil and gas industry. He called for intentional collaboration among government bodies, investors, industry operators, financial institutions, host communities, and development partners.
In preparation for the summit, RMAFC officials have visited China, engaging with Nigerian diplomatic representatives, trade officials, and event consultants. The commission has expressed optimism regarding recent Federal Government reforms aimed at bolstering investor confidence and establishing a stable regulatory environment.
The summit is anticipated to facilitate business-to-business engagements, policy discussions, investment matchmaking, technical exhibitions, and networking opportunities, all of which are expected to foster long-term partnerships, enhance local content participation, and generate employment opportunities. Shehu encouraged stakeholders to provide suggestions that would aid in organizing a summit capable of drawing substantial investments to Nigeria.
Executive Commissioner of Development and Production at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Enorense Amadasu, noted the significant investment opportunities available in Nigeria’s upstream oil and gas sector, following recent reforms and interventions by President Bola Tinubu’s administration. He highlighted the Petroleum Industry Act and recent executive orders as key elements creating new opportunities for investors.
Mallam Rabiu Umar, CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), commended the summit organizers for their investment promotion efforts. He assured investors of the agency’s regulatory support to facilitate investments in the midstream and downstream sectors. Umar was represented 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, stressed the importance of security for revenue generation, emphasizing that a secure maritime environment is essential for trade and commerce. Effah affirmed the Navy’s commitment to maintaining security across Nigeria’s maritime corridors to enhance investor confidence and attract further investment.
The Governor of Enugu State, Peter Mbah, expressed the state’s commitment to developing its natural gas assets to drive industrialization and economic growth in the South-East region. Represented by Mr. Enyima Ogbonna, Commissioner for Energy and Mineral Resources, Mbah stated that Enugu State has invested significantly in security and infrastructure, positioning it to attract investors through the upcoming summit in Beijing, China.