RMAFC woos Chinese investors for Nigeria’s oil and gas sector

The Revenue Mobilisation Allocation and Fiscal Commission has begun consultations with key government agencies ahead of a proposed oil and gas investment summit in China, as part of efforts to attract fresh capital into Nigeria’s energy sector and increase revenue accruing to the Federation Account.

The summit, tentatively scheduled for late November 2026, will focus on investment opportunities across the upstream and downstream segments of the oil and gas industry, with particular emphasis on Nigeria’s vast gas reserves.

RMAFC disclosed this in a statement issued on Monday by the Head of its Information and Public Relations Unit, Maryam Umar-Yusuf, following an engagement with stakeholders in the petroleum sector.

The engagement was led by the Chairman of RMAFC’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr Ekene Enefe.

According to the statement, the consultations were aimed at briefing relevant government agencies on plans to organise the investment summit in China.

Enefe said the initiative was part of the commission’s efforts to increase investment in the petroleum industry and expand revenues available for distribution among the three tiers of government.

“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.

Enefe explained that the Investment Monitoring Committee was responsible for monitoring Federal Government investments in the oil and gas industry and ensuring that the country received the appropriate revenues and accruals from the sector.

He said the committee had made progress in monitoring industry activities, including efforts that resulted in revenue recoveries and the enforcement of penalties against defaulting oil companies.

According to the statement, some of the interventions were linked to obligations imposed on operators under the Petroleum Industry Act, including provisions relating to gas flaring.

Enefe said RMAFC had identified substantial investment opportunities in Nigeria’s gas industry and believed that attracting investors into upstream production and downstream activities would help the country unlock greater value from its natural resources.

He disclosed that the commission had opened discussions with institutions responsible for trade and investment promotion, including the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission.

RMAFC has also briefed the Presidency on the proposed summit and is consulting other government agencies ahead of the event.

Explaining the decision to hold the summit in China, Enefe said the country was selected because of its significant position in global energy and investment.

The commission said it had also consulted Nigerian diplomatic officials in Beijing, including the Nigerian Ambassador and other stakeholders, who expressed support for the initiative.

As part of preparations, RMAFC is scheduled to hold a stakeholder breakfast meeting on Wednesday, September 9, at the Transcorp Hilton in Abuja.

The meeting is expected to bring together ministries, departments and agencies involved in the oil and gas and investment sectors to discuss the proposed summit and make recommendations on its organisation.

Enefe also asked participating ministries and agencies to nominate representatives to a planning committee that would coordinate preparations for the China summit.

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, expressed the ministry’s support for the initiative, saying Nigeria needed to aggressively showcase investment opportunities in its petroleum industry to attract capital and support economic development.

Ekpo stressed the importance of coordinated implementation of presidential executive orders and provisions of the Petroleum Industry Act by government institutions.

He identified Nigeria’s estimated 215 trillion cubic feet of gas reserves as a major opportunity to drive industrial and economic growth, strengthen the regional energy market and improve the country’s position in the global energy industry.

“The time has come for us to really decide for our nation, work for our nation, put things in the correct perspective,” the minister said.

He assured RMAFC that the Ministry of Petroleum Resources would work with the commission and other relevant agencies to ensure that the proposed summit achieved its objectives.

Ekpo also said the ministry would nominate a representative to serve on the summit’s planning committee. He expressed optimism that the initiative would attract new investments into the oil and gas sector and increase government revenue.

Nigeria has intensified efforts in recent years to attract capital into its oil and gas industry, particularly the gas segment, as the government seeks to raise production, improve domestic energy supply and generate additional foreign exchange and fiscal revenue.

The Federal Government has also sought to position gas as a key component of the country’s energy transition and industrialisation strategy. Achieving this will require investment in exploration, processing, pipelines, liquefied natural gas and other infrastructure needed to commercialise Nigeria’s reserves.

For RMAFC, increased investment in the petroleum industry is particularly significant because oil and gas earnings remain an important source of revenue flowing into the Federation Account, from which funds are distributed monthly to the Federal Government, states and local governments.

The commission said the planned summit formed part of its broader efforts to strengthen inter-agency cooperation, promote investment in strategic sectors and ensure that Nigeria derives greater revenue from its natural