RMAFC Moves to Unlock Nigeria’s Vast Gas Investment Potential
By Patience Ikpeme
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has started talks with key government agencies and stakeholders in the oil and gas industry as it seeks to attract fresh investments and increase revenue flowing into the Federation Account.
The Commission is planning an Oil and Gas Investment Summit in China, tentatively scheduled for the end of November 2026, as part of efforts to bring more investors into Nigeria’s oil and gas sector.
The initiative is expected to help expand the country’s revenue base by encouraging new investments in oil and gas production, processing and other areas of the industry.
The Chairman of RMAFC’s Investment Monitoring Committee and Federal Commissioner representing Anambra State, Dr. Ekene Enefe, disclosed this during stakeholder engagements in Abuja.
Enefe said the Investment Monitoring Committee, one of the Commission’s constitutional committees, is responsible for monitoring Federal Government investments in the oil and gas sector and ensuring that Nigeria receives all revenues due to it.
He said the Commission’s monitoring activities had already produced results, including the recovery of revenues and enforcement of penalties against oil companies that failed to meet their obligations.
According to him, some of the enforcement actions relate to requirements under the Petroleum Industry Act (PIA), including obligations on gas flaring.
Enefe said RMAFC was now looking beyond monitoring and revenue recovery by actively supporting efforts to attract the investment needed to develop Nigeria’s oil and gas resources.
“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.
He said Nigeria had enormous opportunities in the gas industry but needed more investment to develop them fully.
The RMAFC official said the Commission had already begun working with institutions responsible for investment promotion and trade, including the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission (NIPC).
He said the proposed summit would provide an opportunity to present Nigeria’s oil and gas investment opportunities to potential investors and encourage greater participation in the industry.
Enefe said the Commission had also briefed the Presidency on the initiative and was consulting relevant government institutions to ensure that the summit achieves its objectives.
Why China was chosen
Enefe explained that China was selected as the proposed host because of its important position in global energy, trade and investment.
He said RMAFC had already held discussions with the Nigerian High Commission in Beijing, including the Nigerian Ambassador and other stakeholders, who expressed support for the initiative.
The Commission is also expected to hold a stakeholder breakfast meeting on Wednesday, September 9, at the Transcorp Hilton, Abuja.
The meeting will bring together ministries, departments and agencies involved in oil and gas investment.
Enefe said the meeting would allow the Commission to formally present the summit plan and receive contributions from participating institutions.
He also asked relevant ministries and agencies to nominate representatives to serve on the planning committee for the proposed China summit.
FG backs investment drive
The Minister of State for Petroleum Resources (Gas), Obongemem Ekperikpe Ekpo, expressed the Ministry’s support for the initiative.
Ekpo said Nigeria needed to do more to present its investment opportunities to the international business community, particularly in the gas sector.
He said attracting more investment would help the country develop its resources and support wider economic growth.
The Minister also called for better coordination among government institutions in implementing Presidential Executive Orders and the provisions of the Petroleum Industry Act.
He said Nigeria’s huge gas reserves represented a major opportunity for the country. According to him, Nigeria has an estimated 215 trillion cubic feet of gas reserves, which could help drive 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,” Ekpo said.
He assured RMAFC that the Ministry would work with the Commission and other relevant agencies to make the proposed summit successful.
The Minister also said the Ministry would nominate a representative to the summit’s planning committee.
More investment, higher revenue
Ekpo expressed confidence that the proposed summit could help attract new investors into Nigeria’s oil and gas industry and contribute to increased government revenue.
For RMAFC, the investment initiative is closely linked to its responsibility of ensuring that Nigeria receives the revenue due from its natural resources.
The Commission believes that attracting fresh capital into the industry, while improving monitoring of existing operations, can increase production, reduce revenue losses and strengthen earnings going into the Federation Account.
The proposed China summit therefore marks an effort by RMAFC to move beyond monitoring the sector to actively supporting investment promotion.
If successful, the initiative could create new opportunities across Nigeria’s oil and gas value chain, particularly in gas exploration, production, processing and related infrastructure.
With Nigeria holding one of Africa’s largest gas reserves, increased investment could help the country turn more of its resources into economic value, while generating additional revenue for the Federal Government, states and local governments.
