The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is seeking to attract fresh Chinese investment into Nigeria’s oil and gas industry as part of efforts to increase government revenue and unlock more value from the country’s natural resources.
The commission is working with relevant government agencies ahead of a proposed Oil and Gas Investment Summit in China, which is expected to take place towards the end of November 2026. The planned summit will focus on investment opportunities across Nigeria’s upstream and downstream petroleum sectors, with particular attention on the country’s large gas reserves. RMAFC believes greater investment in these areas could strengthen production, create more economic opportunities and increase revenue available to the three tiers of government.
The commission disclosed the plan following an engagement with key stakeholders in the petroleum industry. The meeting was led by Dr Ekene Enefe, Chairman of RMAFC’s Investment Monitoring Committee and Federal Commissioner representing Anambra State. According to the commission, the discussions are aimed at preparing relevant government institutions for the proposed investment summit.
“The Revenue Mobilisation Allocation and Fiscal Commission has commenced engagements with key stakeholders in the oil and gas sector as part of efforts to attract increased investment into Nigeria’s oil and gas industry to boost revenue accruing to the Federation Account.”
Enefe said the commission was particularly interested in the opportunities available in the gas industry and wanted to encourage investors to participate in both production and downstream activities.
“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.
RMAFC said its Investment Monitoring Committee has been monitoring Federal Government investments in the petroleum sector and working to ensure that the country receives the revenues and other financial benefits due to it. The committee has also been involved in recovering revenues and enforcing penalties against oil companies that fail to meet their obligations. Some of these activities are connected to requirements under the Petroleum Industry Act, including regulations concerning gas flaring.
Enefe said Nigeria had significant opportunities in its gas industry that could attract investors and help the country generate greater economic value from its resources. RMAFC has consequently begun discussions with the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission. The commission has also informed the Presidency about the proposed summit and consulted other government agencies.
China was selected as the location for the investment summit because of its strong position in global energy and investment. RMAFC has also engaged Nigerian diplomatic officials in Beijing, including the Nigerian Ambassador, who reportedly expressed support for the initiative. As part of preparations, the commission will hold a stakeholder breakfast meeting in Abuja on September 9. The meeting will bring together government ministries, departments and agencies involved in oil, gas and investment to discuss the proposed summit and make recommendations.
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, welcomed the initiative and said Nigeria must do more to promote investment opportunities in its petroleum industry. He also highlighted Nigeria’s estimated 215 trillion cubic feet of gas reserves, describing the resource as an opportunity to support industrial growth, strengthen the regional energy market and improve Nigeria’s position globally.
“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.
Ekpo assured RMAFC that his ministry would cooperate with the commission and other agencies to make the proposed summit successful. The Federal Government has increasingly focused on attracting investment into the oil and gas industry, particularly the gas sector, to raise production, improve domestic energy supply and generate more foreign exchange. For RMAFC, increased investment is also important because earnings from oil and gas remain a major source of revenue for the Federation Account, which supports funding for the Federal Government, states and local governments.
The proposed China summit is therefore expected to strengthen collaboration between government agencies, attract new capital and help Nigeria generate more revenue from its oil and gas resources.
