RMAFC Leads Push To Unlock Nigeria’s Oil, Gas Investment Potential

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has stepped up engagements with stakeholders in the oil and gas sector ahead of a proposed Oil and Gas Investment Summit in Beijing, China, later in the year.

The chairman of the Commission, Dr Mohammed Bello Shehu, said this at a breakfast meeting with key stakeholders in the oil and gas sector held on Wednesday in Abuja.

He said the meeting was convened to exchange views and discuss ways of attracting more investment into Nigeria’s oil and gas industry.

Shehu said the proposed summit would be used to present Nigeria’s investment opportunities across the upstream, midstream and downstream segments of the petroleum industry, and to inform prospective investors about ongoing reforms, technological innovations, financing options and policy measures affecting the ease of doing business.

He explained that RMAFC’s participation in the initiative is based on its constitutional mandate under Paragraph 32(a) and (c) of Part I of the Third Schedule to the 1999 Constitution, as amended, which includes monitoring accruals to and disbursement of revenue from the Federation Account and advising governments on fiscal efficiency and ways of increasing revenue.

The chairman said RMAFC would operate within its constitutional mandate and would not interfere with the statutory responsibilities of other government agencies. He added that the Commission would collaborate with relevant institutions, regulators, industry operators and other stakeholders to ensure the proposed summit achieves its objectives.

Shehu noted that Nigeria has significant hydrocarbon resources, a strategic geographical location and a large population, and said unlocking the full potential of the energy sector would require collaboration among government institutions, investors, industry operators, financial institutions, host communities and development partners.

He said that, in preparation for the proposed summit, the Commission had undertaken several engagements in China, including meetings with the Nigerian Ambassador and other diplomatic officials in Beijing, Chinese planners and event consultants, the Nigerian Trade Commissioner and other stakeholders.

According to him, the engagements were aimed at planning, strengthening partnerships and creating a framework for the summit.

Shehu said the proposed summit would facilitate business-to-business engagements, policy dialogues, investment matchmaking sessions, technical exhibitions and networking opportunities, which he said could support long-term partnerships, increase local content participation and create employment opportunities. He described the breakfast meeting as a consultative platform for obtaining the views and recommendations of stakeholders, noting that their contributions would help shape the summit and address investor concerns.

The commissioner for Energy and Minerals, Enugu State, Hon. Franklin Enyinnaya Ogbonna, commended RMAFC for convening the stakeholder engagement, noting that Nigeria’s oil and gas sector presents investment opportunities.

He said the federal government’s reforms, particularly the Petroleum Industry Act (PIA), regular licensing bid rounds and other presidential interventions, had opened the sector to increased investments across exploration, production, infrastructure and crude oil and gas evacuation. He urged international investors to consider opportunities across the oil and gas value chain.

Also speaking, the Enugu State representative, Enyinnaya, expressed the state government’s appreciation for the opportunity to present its natural gas assets and investment potential, assuring that the state was committed to supporting gas development as a catalyst for industrialisation in Enugu and the Southeast.

He added that the state had strengthened its security and infrastructure and created an environment for investors.
He said Enugu State was ready to collaborate with RMAFC in presenting its investment opportunities at the forthcoming summit.

Representing the Chief of Naval Staff, the chief of Operations, Rear Admiral Patrick Effel, said security remains fundamental to attracting investment and generating revenue from Nigeria’s oil and gas sector. He assured international investors that the Nigerian Navy remained committed to securing the nation’s maritime domain through sustained surveillance and presence at sea. He said Nigeria’s waters are safe for legitimate business activities.

The Naval Chief thanked the RMAFC chairman for convening the engagement and expressed confidence that the initiative would contribute to attracting more investment into the country.
On his part, the chief operating officer of Subaz Nigeria Limited and national public relations officer of the Independent Petroleum Marketers Association, Chief Ukadike Chinedu, described the engagement as a step towards unlocking investment opportunities in the oil and gas sector. He identified the rehabilitation and development of petroleum product pipelines as a critical area requiring investment, noting that the collapse of the pipeline network had increased transportation costs, weakened distribution efficiency and undermined energy security.
He urged stakeholders to make pipeline infrastructure a key focus of the forthcoming Beijing investment engagement.
He said modern technology and strategic investment could restore efficient product distribution, reduce costs and strengthen Nigeria’s petroleum supply chain.
The chairman of the Commission’s Investment Monitoring Committee, Dr Ekene Enefe, thanked the stakeholders for participating in the engagement. Enefe assured the participants that the Commission would consider their inputs and work with relevant stakeholders to ensure the proposed Beijing summit delivers on its objectives. He pledged the committee’s continued commitment to supporting initiatives aimed at attracting investment, strengthening Nigeria’s oil and gas sector and enhancing revenue generation for the country.
The engagement was attended by the Secretary to the Commission, Comrade Tosin Adeyanju; Federal Commissioners of RMAFC; Special Advisers to the Honourable Chairman; members of the Investment Monitoring Committee; representatives of government agencies, regulators, industry operators and other key stakeholders in Nigeria’s oil and gas sector.