FG Moves to Attract Fresh Oil, Gas Investments from China
By Patience Ikpeme
The Federal Government has begun preparations to use a planned oil and gas investment forum in China to attract new investments and deepen business ties between Nigerian and Chinese companies in the petroleum industry.
As part of the preparations, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has inaugurated a committee to coordinate Nigeria’s participation in the forum and develop a framework for engaging potential investors and business partners in China.
The forum, which is scheduled to take place in China later this year, is expected to bring together Nigerian and Chinese businesses, government agencies and other stakeholders to explore investment opportunities across the oil and gas value chain.
The Chairman of RMAFC, Dr Mohammed Bello Shehu, represented by the Investment Monitoring Committee and Federal Commissioner representing Anambra State, Hon. Ekene Enefe, inaugurated the Planning Committee on Tuesday.
Shehu charged the committee to identify investment opportunities that could attract capital into Nigeria’s petroleum industry and ensure effective coordination among the various institutions involved in the programme.
He said the committee must develop a comprehensive framework for the event, identify areas with strong investment potential and coordinate engagements with prospective investors and strategic partners in China.
According to him, the forum is expected to go beyond presentations by creating opportunities for direct discussions between Nigerian businesses and potential Chinese investors.
The programme will include business-to-business meetings, investment matchmaking, technical presentations and policy discussions.
Shehu said the activities were designed to encourage long-term partnerships and strengthen economic cooperation between Nigeria and China in the oil and gas industry.
He said the forum would provide Nigeria with an opportunity to present investment opportunities across the petroleum value chain to international investors.
“The forum would provide a credible platform for showcasing Nigeria’s investment opportunities across the oil and gas value chain and attracting meaningful investments into the country,” he said.
The RMAFC chairman also charged the committee to work closely with relevant government agencies and private-sector stakeholders to ensure that Nigeria presents a coordinated investment proposition to the Chinese market.
He said effective planning and cooperation among institutions would be important to achieving the objectives of the forum.
Shehu said RMAFC was prepared to work with relevant institutions within its constitutional responsibilities to support initiatives capable of improving investment, strengthening revenue generation and contributing to long-term economic development.
The China forum comes as Nigeria seeks to increase investment in its oil and gas industry and take advantage of opportunities across the upstream, midstream and downstream segments.
The Planning Committee brings together representatives from major government agencies and industry-related organisations, including the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerian Investment Promotion Commission (NIPC).
Other members are drawn from the Federal Ministry of Industry, Trade and Investment, Oil and Gas Free Zone Authority, Nigeria-China Business Council, RMAFC’s Gas and Investment Department and other officials of the commission.
The broad composition of the committee is expected to allow the participating institutions to coordinate their respective roles and present investors with information on investment opportunities and the regulatory environment.
The committee is also expected to facilitate engagements between prospective investors and relevant Nigerian institutions during the forum.
A statement issued by the Head of the Information and Public Relations Unit of RMAFC, Maryam Umar Yusuf, said the inauguration represented a step towards coordinated preparations for the China event.
The statement said the forum was intended to promote Nigeria’s investment opportunities in the international oil and gas market while strengthening economic cooperation between Nigeria and China.
For Nigeria, attracting fresh investment into the petroleum industry remains important not only for expanding production and infrastructure but also for increasing economic activity and government revenue.
The planned business-to-business meetings and investment matchmaking sessions are expected to give Nigerian companies an opportunity to establish direct relationships with Chinese investors and potential technical and commercial partners.
The inclusion of technical presentations and policy discussions will also provide an avenue for investors to obtain information about opportunities and the policy environment governing Nigeria’s oil and gas industry.
The committee’s work will therefore focus on ensuring that the opportunities presented at the forum are clearly identified and that relevant Nigerian institutions are available to engage potential investors.
The RMAFC chairman said the commission would continue to collaborate with relevant stakeholders on initiatives that support investment and sustainable economic development.
The China forum is expected to serve as a platform for Nigeria to strengthen its economic relationship with Chinese businesses while seeking new sources of capital, partnerships and expertise for the oil and gas sector.
