President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce to design and coordinate the next phase of structural reforms in Nigeria’s petroleum sector.
The initiative, announced in a statement on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, is aimed at strengthening governance in the oil and gas industry, unlocking investment, and enhancing the sector’s contribution to Nigeria’s economic growth.
Adeola to Lead High-Level Taskforce
The Taskforce will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation. Adeola will coordinate the group’s work and ensure the timely delivery of its mandate.
Other members of the Taskforce include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella, while Mofoluwasho Fadayomi will serve as secretary.
According to the presidency, the body will function as a time-bound, high-level executive working group responsible for developing execution-ready reform blueprints to consolidate ongoing petroleum sector reforms.
Mandate to Deliver Reform Blueprints
The Taskforce has been mandated to produce three key reform frameworks designed to improve efficiency, attract capital, and strengthen Nigeria’s position as a global energy investment destination.
One of the expected deliverables is an Implementation Toolkit for Immediate Structural Fixes, which will include draft legislative amendments, executive instruments, and proposals for institutional restructuring.
Another key output is a Capital and Liquidity Acceleration Blueprint aimed at unlocking between $5 billion and $10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
The Taskforce will also develop a National Energy Transformation Strategy, a ten-year roadmap outlining measurable targets for oil and gas production, foreign exchange earnings, GDP contribution, and cost competitiveness.
Direct Reporting to the President
The reform body will report directly to President Tinubu and is expected to submit monthly progress memoranda.
An interim report will be delivered after three months, while the final report is expected within six months of the Taskforce’s inauguration.
The presidency said the body will operate primarily as a technical reform group, engaging industry operators, regulators, investors, and civil society organisations as consultees while focusing on actionable policy design and implementation strategies.
Directive for Institutional Alignment
President Tinubu has directed all ministries, departments, agencies, regulators, and relevant institutions to provide full technical support to the Taskforce and submit inventories of ongoing initiatives within the petroleum sector.
The directive also requires existing committees and working groups established under various reform programmes in the sector to align their activities, reporting structures, and work programmes with the new Taskforce.
According to the presidency, the move is intended to eliminate duplication of mandates, strengthen coordination, and ensure institutional clarity across Nigeria’s petroleum reform architecture.
The presidency noted that the Taskforce will automatically dissolve upon the submission and acceptance of its final report.
