President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force to drive the next phase of structural reforms in Nigeria’s petroleum industry.
The development was disclosed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, in a statement on Friday.
Onanuga said Mr Fola Adeola, co-founder of Guaranty Trust Bank and founder and chairman of the Fate Foundation, will chair the Task Force, coordinating its work to ensure timely delivery of its mandate.
Other members of the Task Force, according to the statement, 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.
The Task Force, described as a time-bound, high-level executive working group, is tasked with producing execution-ready reform blueprints aimed at consolidating ongoing reforms, unlocking capital within the petroleum sector, and strengthening Nigeria’s position as a leading global energy investment destination.
The statement added, “It will operate as a technical reform body rather than a representative committee, engaging industry operators, regulators, investors, and civil society as consultees while focusing on actionable policy design and implementation strategies.”
It said the Task Force will report directly to the President, submitting monthly progress memoranda, an interim report after three months, and final outputs within six months of inauguration.
President Tinubu expects the Task Force to deliver three major reform blueprints.
He said, “One of the deliverables is the Implementation Toolkit for Immediate Structural Fixes – including draft legislative amendments, executive instruments, and institutional restructuring proposals.
“The second deliverable is the Capital & Liquidity Acceleration Blueprint, aimed at unlocking $5–10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
“The third blueprint will focus on the National Energy Transformation Strategy – a ten-year roadmap with measurable targets for production, foreign exchange earnings, GDP contribution, and cost competitiveness.”
The statement also quoted President Tinubu directing all Ministries, Departments, Agencies, regulators, and relevant institutions to provide full technical support to the Task Force and submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.
It added that the President instructed all existing committees, teams, and working groups established under various sectoral reform initiatives to align their activities, reporting structures, and work programmes with the new Task Force.
