President Bola Ahmed Tinubu has approved the creation of a Presidential Petroleum Reform and Value Optimisation Taskforce to design the next phase of structural reforms in Nigeria’s oil and gas sector.
According to a statement issued by presidential spokesman Bayo Onanuga on March 13, the task force will function as a time-bound executive working group mandated to produce policy proposals aimed at strengthening the industry and attracting investment.
The task force will be chaired by Fola Adeola, founder and chairman of Fate Foundation. Adeola will coordinate the group’s activities and oversee delivery of its mandate.
Other members 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.
The presidency said the body is expected to develop “execution-ready reform blueprints that will consolidate ongoing reforms, unlock capital within the petroleum sector, and strengthen Nigeria’s position as a leading global energy investment destination.”
Nigeria’s oil and gas industry remains central to the country’s economy, accounting for a major share of government revenue and foreign exchange earnings. However, the sector has faced persistent challenges, including fluctuating global oil prices, declining production levels, and concerns about regulatory and operational efficiency.
Under its mandate, the task force is expected to deliver three major reform plans. The first is an implementation toolkit for immediate structural fixes, which may include draft legislative amendments, executive instruments and proposals for institutional restructuring.
The second deliverable, described as a Capital and Liquidity Acceleration Blueprint, is aimed at unlocking between $5 billion and $10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
A third proposal will outline a National Energy Transformation Strategy—a 10-year roadmap with measurable targets for production levels, foreign exchange earnings, GDP contribution and cost competitiveness.
The task force will report directly to the president and submit monthly progress memoranda. An interim report is expected after three months, while the final report is due within six months of its inauguration.
The statement added that the president has directed all ministries, departments, agencies and regulators connected to the petroleum industry to provide technical support to the panel and submit inventories of ongoing initiatives to ensure alignment with the new reform framework.
Existing committees and reform working groups within the sector have also been instructed to align their activities and reporting structures with the new body in an effort to avoid duplication and improve coordination.
The task force will automatically dissolve after submitting its final report and recommendations to the president.
