RMAFC PLANS CHINA SUMMIT TO ATTRACT OIL & GAS INVESTMENTS
The Revenue Mobilisation, Allocation and Fiscal Commission has begun 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 boost revenue accruing to the Federation Account.
RMAFC in a statement by its Head of Information and Public Relations Unit, Maryam Umar-Yusuf, says this followed an engagement between the commission and stakeholders in the petroleum sector led by the Chairman of RMAFC’s Investment Monitoring Committee, Dr Ekene Enefe.
It adds, while the committee had made progress in monitoring the industry, including efforts that resulted in revenue recoveries and the enforcement of penalties against defaulting oil companies, Dr Enefe notes, it forms part of the commission’s efforts to increase investment in the petroleum industry and expand revenues available for distribution among the three tiers of government.
Enefe affirms that RMAFC had identified substantial investment opportunities in Nigeria’s gas industry and believes that it's attracting investors into both upstream production and downstream activities that could help the country unlock more value from its natural resources.
The commission has already opened discussions with institutions responsible for trade and investment promotion, including the Federal Ministry of Industry, Trade and Investment and the Nigerian Investment Promotion Commission. It concludes.
