President Bola Tinubu has approved the creation of a high-level Presidential Petroleum Reform and Value Optimisation Task Force, aimed at shaping the next phase of structural change in Nigeria’s oil and gas industry.
The new body is expected to produce execution-ready reform plans that build on ongoing initiatives, unlock investment and strengthen Nigeria’s position as a global energy destination.
The task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank (GTB) and founder of the Fate Foundation.
Adeola will coordinate the group’s work and oversee delivery within a fixed timeline.
Other members are Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella, with Mofoluwasho Fadayomi serving as secretary.
According to the Presidency, the task force is designed as a technical reform body rather than a representative committee.
It will consult widely with industry operators, regulators, investors and civil society, while concentrating on practical policy design and implementation strategies.
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The group will report directly to the President, submitting monthly progress updates. An interim report is due after three months, with final outputs expected within six months of inauguration.
It also stated that the task force will be dissolved once its final report is submitted and accepted.
Three major reform blueprints are expected, including an implementation toolkit for immediate structural fixes, covering draft legislative amendments, executive instruments and proposals for institutional restructuring.
A second deliverable, the Capital and Liquidity Acceleration Blueprint, is intended to unlock between $5 billion and $10 billion in sectoral liquidity while protecting Nigeria’s sovereign interests.
The third blueprint will outline a National Energy Transformation Strategy, setting out a 10-year roadmap with measurable targets for production, foreign exchange earnings, contribution to GDP and cost competitiveness.
President Tinubu further directed all ministries, departments, agencies, regulators and relevant institutions to provide full technical support to the task force.
Existing committees and working groups within the petroleum sector have also been instructed to align their activities and reporting structures with the new body to avoid duplication and improve coordination.
The Presidency said the initiative is intended to sharpen governance, optimise national energy assets and place the petroleum sector at the centre of Nigeria’s long-term economic transformation.