President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force aimed at driving the next phase of structural reforms in Nigeria’s oil and gas sector.
The task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation, according to a statement issued Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
Adeola will lead a team of industry and financial sector experts tasked with designing execution-ready reform blueprints to consolidate ongoing reforms, unlock new investments and position Nigeria as a leading global energy investment destination.
Other members of the task force 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 Presidency described the task force as a high-level, time-bound executive working group responsible for crafting practical policy frameworks and implementation strategies to boost competitiveness, transparency and value creation in Nigeria’s petroleum industry.
“The initiative reflects the President’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent and value-maximising sector capable of driving long-term economic growth, macroeconomic resilience and industrial development,” the statement noted.
Unlike conventional committees, the task force will operate as a technical reform body, consulting operators, regulators, investors and civil society stakeholders while focusing on actionable policy design.
The body will report directly to President Tinubu and submit monthly progress reports. An interim report is expected within three months, while the final reform proposals are scheduled for delivery within six months of its inauguration.
The task force is expected to produce three key reform frameworks.
The first is an Implementation Toolkit for Immediate Structural Fixes, which will contain draft legislative amendments, executive instruments and proposals for institutional restructuring within the petroleum sector.
The second is the Capital and Liquidity Acceleration Blueprint, designed to unlock between $5 billion and $10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
The third deliverable is a National Energy Transformation Strategy, a ten-year roadmap for the petroleum sector that will include measurable targets for crude oil production, foreign exchange earnings, GDP contribution and global cost competitiveness.
President Tinubu has directed all Ministries, Departments and Agencies, regulators and institutions in the oil and gas sector to provide full technical support to the task force.
They have also been instructed to submit inventories of their ongoing initiatives to ensure alignment with the new reform framework.
Additionally, all committees and reform working groups operating within the petroleum sector have been directed to harmonise their activities, reporting structures and programmes with the new task force to eliminate duplication and improve coordination.
The Presidency said the move is designed to streamline reform efforts, strengthen governance structures and optimise Nigeria’s energy resources for sustainable economic transformation.
The task force will automatically dissolve after submitting its final report and receiving presidential approval.
