The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has launched a fresh investment drive aimed at reversing Nigeria’s dwindling revenue fortunes from the oil and gas sector. The new move targets Chinese investors with opportunities across the upstream and downstream segments of the industry.

The commission said it would take Nigeria’s investment pitch to China in November as part of a broader strategy to attract new capital, expand production and monetisation of the country’s hydrocarbon resources, and ultimately increase inflows into the Federation Account.

Chairman of the Commission’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr. Ekene Enefe, who spoke during a stakeholders engagement,  explained that the Investment Monitoring Committee, one of the Commission’s constitutional committees, is responsible, among other functions, for monitoring Federal Government investments in the oil and gas sector and ensuring that the nation receives its appropriate revenues and accruals from the sector.

He noted that the Committee had recorded significant progress in monitoring the sector, including efforts that have resulted in the recovery of revenues and enforcement of applicable penalties against defaulting oil companies, particularly in relation to provisions of the Petroleum Industry Act (PIA), including gas-flaring obligations.

According to him, the Commission had identified the enormous investment opportunities in Nigeria’s gas sector and considered it necessary to facilitate greater participation by investors in both the upstream and downstream segments of the industry. “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”, Enefe said.

He disclosed that RMAFC had already engaged relevant institutions responsible for investment promotion and trade, including the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission (NIPC), to explore avenues for attracting investors into the sector.

Enefe further explained that the proposed summit was conceived as part of the Commission’s broader efforts to support the development of the oil and gas industry, increase investments and ultimately expand the nation’s revenue base.

He said RMAFC had briefed the Presidency on the initiative and had continued consultations with relevant government agencies towards ensuring a successful summit.

According to him, China was deliberately chosen as the host country because of its significant role in the global energy and investment landscape. He added that consultations had already been held with the Nigerian High Commission in Beijing, including discussions with the Nigerian Ambassador and other stakeholders, who expressed support for the initiative.

He also disclosed that a stakeholder breakfast meeting, scheduled for Wednesday in Abuja, is expected to bring together key government institutions and agencies in the oil and gas investment sectors.

Enefe said the meeting would provide an opportunity to formally brief stakeholders on the proposed summit and obtain their contributions towards its successful organisation. He also called on participating ministries and agencies to nominate representatives to serve on the planning committee for the summit.

In his response, the Minister of State for Petroleum Resources (Gas), Obongemem Ekperikpe Ekpo, expressed the Ministry’s support for the initiative, stressing the need for Nigeria to showcase the  investment opportunities in the country to boost  economic development.

The Minister emphasised that Presidential Executive Orders and the provisions of the Petroleum Industry Act must be effectively implemented through coordinated action among relevant government institutions.

He highlighted the country’s substantial gas reserves, noting that the nation’s estimated 215 trillion cubic feet of gas reserves provide a significant opportunity to drive economic growth, strengthen the regional energy market and position Nigeria more prominently on the global energy platform.

He said the Ministry of Petroleum Resources would work closely with RMAFC and other relevant agencies to ensure that the proposed summit achieves its objectives.”The time has come for us to really decide for our nation, work for our nation, put things in the correct perspective,” the Minister stated.

 Ekpo also assured RMAFC of the Ministry’s cooperation in the planning process and disclosed that a representative would be nominated to participate in the summit planning committee.

He commended RMAFC for the initiative and expressed confidence that the proposed investment summit would create opportunities for attracting new investments into Nigeria’s oil and gas sector, thereby contributing to national development and increased government revenue.

The engagement underscores RMAFC’s commitment to strengthening inter-agency collaboration, promoting investment in strategic sectors of the economy and ensuring that Nigeria maximises the revenue potential of its natural resources for the benefit of all tiers of government and the Nigerian people.

Also in attendance were the  Federal Commissioner of Kogi, Hon. Abdulazeez Idris King and the Director of Gas and Investment Department, Hajiya Zainab  Larai Adamu.