The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) has stepped up efforts to attract investments into Nigeria’s petroleum sector, holding a high-level stakeholder breakfast meeting in Abuja ahead of the upcoming Oil and Gas Investment Summit in Beijing, China.
Speaking at the Transcorp Hilton on Wednesday, RMAFC Chairman Dr. Mohammed Bello Shehu stated that the upcoming summit will provide a platform to showcase opportunities across the upstream, midstream, and downstream segments.
He emphasized that the initiative aligns with the Commission’s constitutional mandate to monitor Federation Account revenues and advise governments on fiscal efficiency, operating strictly without encroaching on the statutory powers of other agencies.
Preparations for the Beijing event have already involved preliminary diplomatic and logistical engagements in China, according to Dr. Shehu, who noted that current federal reforms under the Renewed Hope Agenda are vital to building investor confidence.
Stakeholders at the consultative meeting lauded the initiative while offering strategic recommendations.
In his remarks, the Enugu State Commissioner for Energy and Minerals, Hon. Franklin Enyinnaya Ogbonna, highlighted the state’s readiness to leverage the Petroleum Industry Act (PIA) to promote local gas assets as catalysts for industrialization.
Meanwhile, Rear Admiral Patrick Effel, representing the Chief of Naval Staff, assured international investors of maritime security, noting that the Nigerian Navy maintains sustained surveillance to keep national waters safe for business.
Addressing infrastructural needs, National Public Relations Officer of the Independent Petroleum Marketers Association, Chief Ukadike Chinedu, urged that the rehabilitation of petroleum product pipelines be prioritized during the Beijing engagements to reduce distribution costs and boost energy security.
Concluding the event, the Chairman of the Commission’s Investment Monitoring Committee, Hon. Dr. Ekene Enefe, assured participants that all stakeholder feedback will be integrated to ensure the summit successfully drives revenue growth and long-term economic partnerships.