President Bola Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce to design and sequence the next phase of structural reforms in Nigeria’s petroleum sector.
According to a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Friday, the initiative reflects the administration’s commitment to transforming the country’s petroleum industry into a more competitive, transparent and value-maximising sector capable of driving long-term economic growth and industrial development.
The statement said the Taskforce will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of the Fate Foundation, who will coordinate the group’s work and ensure the timely delivery of its mandate.
Other members of the Taskforce 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.
As constituted, the Taskforce will function as a time-bound, high-level executive working group responsible for producing execution-ready reform blueprints aimed at consolidating ongoing reforms, unlocking capital within the petroleum sector and strengthening Nigeria’s position as a global energy investment destination.
MUST READ: Cashless Airport Gates: Keyamo Threatens Airport Officials With Sack
The body will operate as a technical reform group rather than a representative committee, engaging industry operators, regulators, investors and civil society as consultees while focusing on actionable policy design and implementation strategies.
The Taskforce will report directly to the President and submit monthly progress memoranda, with an interim report expected after three months and final outputs within six months of its inauguration.
President Tinubu has directed all Ministries, Departments and Agencies as well as sector regulators to provide full technical support to the Taskforce and submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.
The President also ordered existing committees and reform groups within the petroleum sector to align their activities and reporting structures with the new Taskforce to avoid duplication and ensure institutional clarity.
The Taskforce is expected to deliver three major reform blueprints, including an Implementation Toolkit for Immediate Structural Fixes, a Capital and Liquidity Acceleration Blueprint aimed at unlocking between $5 billion and $10 billion in sectoral liquidity, and a National Energy Transformation Strategy — a ten-year roadmap outlining targets for production, foreign exchange earnings and the sector’s contribution to Nigeria’s economy.
The Taskforce will automatically dissolve after submitting and securing acceptance of its final report.
(Editor: Roluke Ogundele)
