President Bola Tinubu has established a Presidential Petroleum Reform and Value Optimisation Taskforce to design and implement the next phase of structural reforms in Nigeria’s petroleum sector.
Fola Adeola, co-founder of Guaranty Trust Bank and founder of the Fate Foundation, was appointed chairman of the task force.
Other members 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 a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the task force will operate as a time-bound executive working group responsible for producing actionable reform plans for the petroleum industry.
The body is expected to consolidate ongoing reforms, attract investment, and strengthen Nigeria’s position as a global energy investment destination.
Tinubu directed the task force to deliver three key reform blueprints. These include an implementation toolkit for immediate structural fixes in the sector, a capital and liquidity acceleration plan aimed at unlocking between $5 billion and $10 billion in sector funding, and a 10-year national energy transformation strategy.
The long-term strategy will outline targets for crude oil production, foreign exchange earnings, economic growth, and competitiveness in the global energy market.
The task force will report directly to the President, submitting monthly progress updates, with an interim report expected within three months and a final report within six months.
Government ministries, departments, agencies, regulators, and industry stakeholders have been directed to provide full technical support and align ongoing initiatives with the work of the task force.
Officials say the initiative is intended to strengthen governance in the petroleum sector, improve coordination of reforms, and maximise the value of Nigeria’s energy resources to support long-term economic growth.
