The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has intensified efforts to unlock Nigeria’s vast oil and gas investment potential through strategic stakeholder engagement ahead of the proposed Oil and Gas Investment Summit scheduled to hold in Beijing, China later in the year.
The Chairman of the Commission, Dr. Mohammed Bello Shehu, OFR, disclosed this at a breakfast meeting with key stakeholders in the oil and gas sector held on Wednesday, September 9, 2026, at the Transcorp Hilton Hotel, Abuja. He said the meeting was convened to exchange ideas, build consensus and chart a practical course towards attracting greater investment into Nigeria’s oil and gas industry.
Dr. Shehu stated that the proposed Summit would provide a strategic platform to showcase Nigeria’s investment opportunities across the upstream, midstream and downstream segments of the petroleum industry, while exposing prospective investors to ongoing reforms, technological innovations, financing options and policy initiatives aimed at improving the ease of doing business.
He explained that RMAFC’s participation in the initiative is firmly rooted in its constitutional mandate under Paragraph 32(a) and (c) of Part I of the Third Schedule to the 1999 Constitution, as amended, particularly its responsibilities to monitor accruals to and disbursement of revenue from the Federation Account and advise governments on fiscal efficiency and ways of increasing revenue.
The Chairman emphasised that RMAFC would operate strictly within its constitutional mandate and would not interfere with the statutory responsibilities of other government agencies, adding that, the Commission would collaborate with relevant institutions, regulators, industry operators and other stakeholders to ensure that the proposed Summit achieves its objectives.
He noted that Nigeria is blessed with abundant hydrocarbon resources, a strategic geographical location and a vibrant population capable of driving innovation and economic growth, stressing that unlocking the full potential of the energy sector requires deliberate collaboration among government institutions, investors, industry operators, financial institutions, host communities and development partners.
Dr. Shehu revealed 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 key stakeholders.
According to him, the engagements were aimed at ensuring effective planning, strengthening partnerships and creating the necessary framework for a successful Summit. Dr. Shehu also expressed encouragement over the reforms of the present administration under the Renewed Hope Agenda, noting that efforts to strengthen investor confidence, promote transparency and create a more predictable regulatory environment would help position Nigeria as a competitive destination for responsible and sustainable investments.
Dr. Shehu further stated that the proposed Summit would facilitate business-to-business engagements, policy dialogues, investment matchmaking sessions, technical exhibitions and networking opportunities, which he said would foster long-term partnerships capable of driving economic growth, increasing local content participation and creating employment opportunities. He described the breakfast meeting as an important consultative platform for obtaining the views, recommendations and constructive feedback of stakeholders, noting that their contributions would be critical to shaping a world-class investment summit capable of addressing investor concerns and showcasing the opportunities available across Nigeria’s oil and gas value chain.
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 significant 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 take advantage of the opportunities available across the entire oil and gas value chain. Also speaking, the Enugu State representative, Mr. Enyinnaya, expressed the state government’s appreciation for the opportunity to showcase 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 a conducive environment for investors. He gave the assurabce that 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, stressed that 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 gave the assurance that 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 increased investment into the country.
The Chief Operating Officer of Subaz Nigeria Limited and National Publicity Relations Officer of the Independent Petroleum Marketers Association, Chief Ukadike Chinedu, eulogised RMAFC for the initiative, describing the engagement as an important 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 urgent 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 expressed the optimism that 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, Hon. Dr. Ekene Enefe, thanked the stakeholders for honouring the Commission’s invitation and participating actively in the engagement. Hon. Enefe assured the participants that the Commission would carefully consider their inputs and work with relevant stakeholders to ensure that 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 benefit of 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.
Maryam Umar Yusuf, mnipr
Head, Information and Public Relations Unit
RMAFC
