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 Presidency said the taskforce will produce execution-ready reform blueprints aimed at consolidating ongoing reforms, unlocking investment capital in the industry, and strengthening Nigeria’s position as a leading global energy investment destination.
According to the statement, banker and entrepreneur Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation, will chair the taskforce.
“As chairman, he will coordinate the group’s work and ensure the timely delivery of its mandate,” the statement said.
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.
The Presidency described the body as a time-bound, high-level executive working group tasked with producing policy frameworks that will strengthen governance and maximise value within Nigeria’s petroleum industry.
“The Taskforce is a time-bound, high-level executive working group tasked with producing execution-ready reform blueprints that will consolidate ongoing reforms, unlock capital within the petroleum sector, and strengthen Nigeria’s position as a leading global energy investment destination,” the statement said.
It added that the initiative reflects the President’s determination to reposition the petroleum sector for long-term economic growth.
“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.
The taskforce will operate as a technical reform body rather than a representative committee and will engage industry operators, regulators, investors and civil society organisations as consultees while focusing on practical policy design and implementation strategies.
President Tinubu has also directed all ministries, departments and agencies, regulators and relevant institutions to provide full technical support to the taskforce and submit inventories of ongoing initiatives to ensure alignment with the new reform framework.
“In furtherance of this directive, the President has directed all existing committees, teams, and working groups established under various reform initiatives within the sector to align their activities, reporting structures, and work programmes with the new Task Force,” the statement said.
The Presidency explained that the alignment would ensure coordination and eliminate duplication of mandates.
“The streamlining will ensure coordination, avoid duplication of mandates, and provide institutional clarity, thereby ensuring coherence in the petroleum sector reform architecture,” the statement add
The taskforce will report directly to the President and submit monthly progress memoranda, with an interim report expected after three months and final outputs within six months of its inauguration.
“The creation of the Taskforce represents a strategic presidential instrument to accelerate petroleum sector reforms, strengthen governance architecture, optimise national energy assets, and position Nigeria’s petroleum resources as a foundation for sustainable economic transformation,” the statement said.
According to the Presidency, the body will deliver three key reform blueprints, including an Implementation Toolkit for Immediate Structural Fixes, a Capital and Liquidity Acceleration Blueprint aimed at unlocking between $5 billion and $10 billion in sectoral liquidity, and a National Energy Transformation Strategy, a ten-year roadmap outlining measurable targets for production growth, foreign exchange earnings, and the petroleum sector’s contribution to the economy.
The taskforce will automatically dissolve after submitting its final report and receiving presidential approval.