Abuja: The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has begun consultations with oil and gas stakeholders to boost investment and Federation Account revenues. Dr. Ekene Enefe, Chairman of RMAFC’s Investment Monitoring Committee, disclosed this on Monday during a stakeholders’ engagement.
According to News Agency of Nigeria, Enefe, who represents Anambra on the commission, said the proposed Oil and Gas Investment Summit in China was tentatively scheduled for November 2026. He explained that RMAFC’s constitutional committees were responsible for monitoring Federal Government investments in the oil and gas sector to ensure the country receives appropriate revenues and accruals from such investments.
Enefe highlighted that the committee had made significant progress in monitoring the sector, including revenue recovery and enforcement of penalties against defaulting oil companies, particularly concerning breaches of the Petroleum Industry Act, such as obligations relating to gas flaring. He noted the enormous investment opportunities identified in Nigeria’s gas sector and the necessity to attract greater participation in upstream and downstream activities.
The commission has engaged the Ministry of Industry, Trade and Investment, and the Nigerian Investment Promotion Commission, aiming to identify avenues for attracting investors into Nigeria’s oil and gas sector. The proposed summit forms part of broader efforts to develop the industry, increase investment, and expand Nigeria’s revenue base. RMAFC has briefed the Presidency on the initiative and is consulting relevant government agencies to ensure a successful summit.
Enefe stated that China was intentionally selected due to its significant role in the global energy and investment landscape. Consultations have been held with the Nigerian High Commission in Beijing, including Nigeria’s ambassador and other stakeholders, who expressed support for the proposed initiative. A stakeholder breakfast meeting scheduled for Wednesday in Abuja will bring together key government institutions and agencies to formally brief stakeholders on the summit and obtain their contributions towards its planning.
Minister of State for Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, expressed the ministry’s support for the initiative, stressing the need to showcase Nigeria’s investment opportunities and ensure effective implementation of Presidential Executive Orders and the Petroleum Industry Act. He called for coordinated action among relevant government institutions to maximise opportunities in the oil and gas sector, highlighting Nigeria’s estimated 215 trillion cubic feet of gas reserves as a major opportunity for economic growth.
Ekpo assured the commission of the ministry’s cooperation throughout the planning process and disclosed that his ministry would nominate a representative to the summit’s planning committee. The engagement underscored RMAFC’s commitment to inter-agency collaboration, investment promotion, and maximising Nigeria’s natural-resource revenue potential. Also in attendance were RMAFC Commissioner representing Kogi, Mr. Abdulazeez King, and Director of Gas and Investment Department, Hajiya Zainab Adamu.