President Bola Ahmed Tinubu has announced the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce to design and coordinate the next phase of reforms in Nigeria’s petroleum industry.
The task force is expected to develop practical and execution-ready reform strategies that will strengthen the country’s oil and gas sector, improve transparency, and attract new investment into the industry.
Fola Adeola Appointed Chairman
The President appointed Fola Adeola as the chairman of the task force.
Adeola is widely known as the co-founder of Guaranty Trust Bank and the founder of the Fate Foundation, an organisation focused on promoting entrepreneurship and wealth creation in Nigeria.
According to a statement released by Bayo Onanuga, the task force will operate as a high-level executive working group tasked with producing reform blueprints that can be implemented within a defined timeframe.
Members of the Taskforce
Other members appointed to the task force include:
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Ademola Adeyemi-Bero
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Osagie Okunbor
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Abubakar Suleiman
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Adaeze Aguele
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Farouk Gumel
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Phillipa Osakwe-Okoye
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Seyi Bella
Mofoluwasho Fadayomi will serve as the Secretary of the task force.
Key Objectives of the Taskforce
The newly established body will focus on consolidating ongoing reforms and unlocking capital within Nigeria’s petroleum sector. It is also expected to strengthen Nigeria’s position as a major global destination for energy investments.
The presidency said the initiative reflects the government’s commitment to transforming the petroleum sector into a more competitive, transparent, and value-driven industry capable of supporting long-term economic growth.
Three Major Reform Blueprints
President Tinubu directed the task force to deliver three major reform documents.
1. Implementation Toolkit for Immediate Structural Fixes
This blueprint will include:
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Draft legislative amendments
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Executive instruments
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Institutional restructuring proposals
The goal is to quickly address structural issues within the petroleum sector.
2. Capital and Liquidity Acceleration Blueprint
This plan is designed to unlock between $5 billion and $10 billion in sectoral liquidity while protecting Nigeria’s sovereign interests.
3. National Energy Transformation Strategy
The final blueprint will provide a 10-year roadmap outlining measurable targets for:
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Oil production levels
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Foreign exchange earnings
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Contribution to Nigeria’s GDP
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Cost competitiveness in the global energy market
Timeline and Reporting Structure
The task force will report directly to President Tinubu, providing monthly progress reports.
An interim report is expected within three months, while the final report is scheduled for submission within six months of its inauguration.
After completing its assignment and submitting the final report, the task force will automatically dissolve.
Aligning Nigeria’s Petroleum Reforms
The President has also directed all relevant ministries, departments, agencies, regulators, and institutions to provide technical support to the task force.
Existing committees and working groups operating within the petroleum reform framework have also been instructed to align their activities with the new task force. According to the presidency, this move will help prevent duplication of responsibilities and ensure coordinated reform implementation.
Nigeria’s petroleum sector has already witnessed major policy changes under the Tinubu administration, including the removal of petrol subsidy and the unification of foreign exchange windows. The government is also working toward increasing crude oil production from about one million barrels per day to approximately 1.5 million barrels per day.
With the new task force in place, the administration hopes to accelerate reforms that will transform Nigeria’s petroleum industry into a stronger foundation for sustainable economic growth.
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