By Barbara Nwaiwu
The Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) says its proposed oil and gas investment summit in China will showcase Nigeria’s investment opportunities and promote partnerships to boost revenue and economic growth.
The Chairman of RMAFC, Dr Mohammed Shehu, disclosed this on Wednesday at a stakeholders’ breakfast meeting with the oil and gas sector in Abuja ahead of the proposed summit.
Shehu said the summit would showcase investment opportunities across Nigeria’s upstream, midstream and downstream petroleum sectors and attract investments into the industry.
According to him, the summit would provide investors with information on ongoing reforms, technological innovations, financing options and policies aimed at improving the ease of doing business.
“The initiative is part of the commission’s constitutional responsibility to advise governments on fiscal efficiency and ways to increase revenue.”
“The commission will work with relevant government agencies and stakeholders to ensure the success of the proposed summit,” he said.
Shehu said Nigeria’s hydrocarbon resources, strategic location and population presented significant opportunities for investment in the oil and gas industry.
He, however, emphasised the need for collaboration among government institutions, investors, industry operators, financial institutions, host communities and development partners.
The RMAFC chairman said the commission had visited China in preparation for the summit and held meetings with Nigerian diplomatic officials, trade representatives and event consultants.
He said the commission was encouraged by ongoing Federal Government reforms aimed at strengthening investor confidence and creating a predictable regulatory environment.
“The summit will facilitate business-to-business engagements, policy dialogues, investment matchmaking, technical exhibitions and networking opportunities,” he said.
Shehu said the engagements would help foster long-term partnerships, increase local content participation and create employment opportunities.
He urged stakeholders to contribute ideas and recommendations that would help the commission organise a summit capable of attracting quality investments to Nigeria.
He expressed confidence that collaboration among stakeholders would help project Nigeria’s investment potential and contribute to the country’s economic transformation.
The Executive Commissioner, Development and Production, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Enorense Amadasu, said Nigeria’s upstream oil and gas sector offered significant investment opportunities following reforms and interventions under President Bola Tinubu’s administration.
Amadasu said the Petroleum Industry Act (PIA) and recent presidential executive orders had created opportunities for investors, adding that the commission was working to increase reserves, production and investment in the sector.
The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mallam Rabiu Umar, said the Petroleum Industry Act was focused on adding value to Nigeria’s midstream and downstream oil and gas sectors.
Umar commended the organisers for promoting investment and assured investors of the agency’s regulatory support to facilitate investments in the midstream and downstream sectors.
He was represented by Dr Priscilla Ekpe, Head, Investment Promotion, Economic Regulations and Strategic Planning Directorate.
The Chief of Operations, Nigerian Navy, Rear Admiral Patrick Effah, said security was critical to revenue generation and that a safe maritime environment was necessary for trade and commerce.
Effah said the Navy would continue providing security across Nigeria’s maritime corridors to boost investor confidence and attract more investment into the country.
The Governor of Enugu State, Peter Mbah, said the state was committed to developing its natural gas assets to drive industrialisation and economic growth across the South-East.
Mbah was represented by Mr Enyima Ogbonna, Commissioner for Energy and Mineral Resources.
He said the state had invested heavily in security and infrastructure and was prepared to attract investors through the upcoming summit in Beijing, China.
