RMAFC Targets Chinese Investors To Revive Nigeria’s Oil, Gas Revenues

The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) is seeking fresh Chinese investment in Nigeria’s oil and gas sector to boost production, unlock untapped opportunities and increase revenues accruing to the Federation Account.

The commission said it would lead a delegation to China in November as part of efforts to attract investors and deepen cooperation in the sector.

The move, according to RMAFC, is expected to strengthen Nigeria’s position in the global energy market while addressing some of the challenges limiting investment and production in the oil and gas industry.

Speaking on the initiative, RMAFC Commissioner, Dr. Ekene Enefe, said Nigeria had significant opportunities in the sector that could be unlocked through stronger investment partnerships.

He identified gas as a major area of opportunity, noting that the country has about 215 trillion cubic feet of gas reserves.

Enefe also stressed the need for stronger monitoring and revenue recovery in the industry, particularly through effective implementation of the Petroleum Industry Act (PIA) and penalties for non-compliance.

The commission said the China investment drive would be undertaken in collaboration with the Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission (NIPC).

It also disclosed that the Presidency and the Nigerian High Commission in Beijing would support the initiative, including through a stakeholder breakfast meeting aimed at connecting Nigerian officials with potential investors.

Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, is also supporting the investment drive, according to the commission.

RMAFC said recent reforms, including the implementation of the PIA and Executive Orders, had created opportunities for greater investment and improved revenue mobilisation in the sector.

The commission maintained that attracting new capital into the industry remained critical to increasing oil and gas production and improving government revenues.

Enefe said the time had come for stakeholders to put national interest at the centre of efforts to develop the sector.

“The time has come for us to really decide for our nation, work for our nation, put things in the correct perspective,” he said.