Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force aimed at overseeing the next stage of structural reforms in Nigeria’s oil and gas industry.
This was disclosed in a statement released by the president’s Special Adviser on Information and Strategy, Bayo Onanuga. According to the statement, the task force will be led by Fola Adeola, who will head a team of industry specialists and financial experts responsible for developing reform strategies to strengthen ongoing changes in the petroleum sector, encourage investment and enhance Nigeria’s reputation as a global energy investment hub.
Other members of the task force include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella. Mofoluwasho Fadayomi will serve as the secretary.
The Presidency described the group as a temporary high-level executive team that will focus on designing practical policies and strategies to boost transparency, improve competitiveness and increase value creation within Nigeria’s petroleum industry.
According to the statement, the initiative demonstrates President Tinubu’s determination to transform the sector into a more transparent and competitive industry capable of supporting long-term economic growth, macroeconomic stability and industrial expansion.
Unlike conventional government committees, the task force will function as a technical reform body. It will work closely with industry operators, regulatory agencies, investors and civil society groups while concentrating on developing practical policy solutions.
The team will report directly to the president through monthly progress updates. An interim report is expected within three months, while a comprehensive reform proposal will be submitted within six months of its inauguration.
The task force has been assigned to deliver three key reform frameworks. The first is an Implementation Toolkit for Immediate Structural Fixes, which will include draft legislative amendments, executive instruments and recommendations for restructuring institutions in the sector.
The second framework, the Capital and Liquidity Acceleration Blueprint, is designed to unlock between $5 billion and $10 billion in investment funding for the petroleum industry while safeguarding Nigeria’s national interests.
The third deliverable, known as the National Energy Transformation Strategy, will outline a ten-year roadmap for the sector, including measurable targets for crude oil production, foreign exchange generation, contribution to GDP and global cost competitiveness.
President Tinubu has directed all Ministries, Departments and Agencies involved in Nigeria’s oil and gas sector, along with regulatory bodies and institutions, to provide full technical support to the task force and submit details of their current reform initiatives.
He also instructed existing committees and working groups involved in petroleum reforms to coordinate their activities with the newly created task force to prevent duplication and improve efficiency.
The Presidency added that the task force will serve as a strategic presidential mechanism to speed up reforms, improve governance and maximise Nigeria’s energy resources to drive sustainable economic transformation. The body will automatically dissolve after submitting its final report and receiving approval from the president.