President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce to spearhead the next phase of structural reforms in Nigeria’s oil and gas sector.
The initiative, announced in a State House statement, is designed to develop implementation-ready reform strategies aimed at strengthening governance in the petroleum industry while attracting new investment and maximising national energy assets.
The taskforce will be chaired by Fola Adeola, a prominent Nigerian banker and founder of the Fate Foundation. Adeola will coordinate the group’s activities and oversee the delivery of its mandate within the stipulated timeframe.
Other members appointed to the high-level reform body include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella. Mofoluwasho Fadayomi will serve as secretary of the committee.
According to the presidency, the taskforce will function as a technical reform body rather than a representative committee, working with industry operators, regulators, investors and civil society stakeholders to develop actionable policy recommendations.
The Presidential Petroleum Reform and Value Optimisation Taskforce has been structured as a time-bound executive working group tasked with producing detailed reform blueprints aimed at consolidating ongoing changes in Nigeria’s petroleum sector.
The committee will report directly to the president and is expected to submit monthly progress reports throughout its assignment.
An interim report will be delivered after three months, while the final recommendations are scheduled to be presented within six months of the taskforce’s inauguration.
The presidency said the initiative reflects Tinubu’s commitment to transforming Nigeria’s petroleum industry into a more transparent, competitive and investment-friendly sector capable of supporting long-term economic growth.
Three Major Reform Blueprints Expected
Among its core responsibilities, the taskforce has been directed to produce three major reform frameworks to guide the future of Nigeria’s energy industry.
The first deliverable will be an Implementation Toolkit for Immediate Structural Fixes, which will include proposals for legislative amendments, executive policy instruments and institutional restructuring within the petroleum sector.
The second blueprint, known as the Capital and Liquidity Acceleration Plan, aims to unlock between $5 billion and $10 billion in new liquidity for the sector while safeguarding Nigeria’s sovereign interests.
The third component will be a National Energy Transformation Strategy, a ten-year roadmap outlining measurable targets for oil and gas production, foreign exchange earnings, contribution to national GDP and overall cost competitiveness.
President Tinubu has directed all Ministries, Departments and Agencies involved in the petroleum industry to provide full technical cooperation to the taskforce.
Regulatory bodies and government institutions have also been instructed to submit detailed inventories of existing reform initiatives to ensure alignment with the new framework being developed.
In addition, all committees and working groups previously created under various petroleum reform programmes are expected to coordinate their activities with the new taskforce to avoid duplication of responsibilities.
The directive is intended to create a more coherent institutional structure for managing Nigeria’s petroleum sector reforms.
The presidency described the creation of the taskforce as a strategic step toward accelerating reforms in Nigeria’s oil and gas industry.
Officials say the initiative is expected to improve governance in the sector, attract greater investment, and position Nigeria’s petroleum resources as a foundation for sustainable economic development.
The taskforce will automatically dissolve once its final report has been submitted and accepted by the president.
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