RMAFC plans China summit to attract oil, gas investments

Nigeria’s Revenue Mobilisation, Allocation and Fiscal Commission has begun preparing for a proposed oil and gas investment summit in China, with the country’s gas resources at the center of its pitch to investors.

The summit is tentatively scheduled for the end of November 2026. RMAFC said it would focus on opportunities across the upstream and downstream parts of the petroleum industry as the commission seeks fresh capital and higher revenue for the Federation Account.

The commission disclosed the plan after an engagement with petroleum-sector stakeholders led by Dr Ekene Enefe, chairman of its Investment Monitoring Committee and the federal commissioner representing Anambra State. RMAFC said it was briefing relevant government agencies before organizing the summit.

“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 added that the initiative formed part of efforts to expand the revenues available for distribution among Nigeria’s three tiers of government.

Enefe said the committee monitors Federal Government investments in oil and gas and works to ensure that Nigeria receives the revenues and other accruals due from the sector. He said the committee had made progress through revenue recoveries and penalties imposed on oil companies that failed to meet their obligations.

Some of those interventions relate to requirements under the Petroleum Industry Act, including provisions on gas flaring. RMAFC said it had identified substantial opportunities in the gas industry and believed investment in production and downstream activities could help Nigeria unlock more value from its natural resources.

The commission has also opened discussions with bodies responsible for trade and investment promotion, including the Federal Ministry of Industry, Trade and Investment, as it develops the proposed China summit.

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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.