RMAFC Plans China Summit to Attract Fresh Oil, Gas Investments
By KEMI KASUMU
In a statement issued by RMAFC’s Head of Information and Public Relations Unit, Maryam Umar-Yusuf, the commission said it had recorded progress in monitoring activities in the oil and gas industry, including revenue recoveries and the enforcement of penalties against defaulting oil companies.
The Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) has commenced consultations with key government agencies ahead of a proposed oil and gas investment summit in China, as part of efforts to attract fresh capital into Nigeria’s energy sector and increase revenues accruing to the Federation Account.
The commission said the proposed summit is aimed at showcasing investment opportunities in Nigeria’s petroleum industry to potential Chinese investors, particularly in the upstream and downstream segments.
The initiative followed an engagement between RMAFC and stakeholders in the petroleum sector led by the Chairman of the commission’s Investment Monitoring Committee, Dr Ekene Enefe.
In a statement issued by RMAFC’s Head of Information and Public Relations Unit, Maryam Umar-Yusuf, the commission said it had recorded progress in monitoring activities in the oil and gas industry, including revenue recoveries and the enforcement of penalties against defaulting oil companies.
Enefe said the proposed China summit was part of broader measures by the commission to stimulate investment in the petroleum sector and expand the pool of revenues available for distribution among the three tiers of government.
According to him, RMAFC has identified significant investment opportunities in Nigeria’s gas industry, particularly as the country seeks to maximise the economic value of its abundant natural resources.
He said attracting investors into upstream production as well as downstream activities would help unlock greater value from the sector while strengthening government revenues.
“RMAFC has identified substantial investment opportunities in Nigeria’s gas industry,” Enefe said, stressing the need to attract investors capable of developing the country’s petroleum resources across the value chain.
The commission has also commenced discussions with institutions responsible for trade and investment promotion, including the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission, as preparations for the proposed summit gather momentum.
RMAFC said the initiative is expected to complement its ongoing efforts to improve revenue monitoring, recover outstanding revenues and create conditions for increased investment in Nigeria’s oil and gas industry.
