Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce to design and coordinate the next phase of structural reforms in Nigeria’s petroleum sector.
The high-level taskforce, conceived as a time-bound executive working group, will develop execution-ready reform blueprints aimed at consolidating ongoing reforms, unlocking investment capital within the industry and strengthening Nigeria’s competitiveness as a global energy investment destination.
Co-founder of Guaranty Trust Bank and founder of Fate Foundation, Fola Adeola, will serve as chairman of the taskforce, coordinating its activities and ensuring the timely 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 initiative reflects the administration’s broader objective of transforming Nigeria’s petroleum industry into a more competitive, transparent and value-maximising sector capable of driving long-term economic growth, strengthening macroeconomic resilience and supporting industrial development.
According to the presidency, the taskforce will function primarily as a technical reform body rather than a representative committee. It will consult widely with industry operators, regulators, investors and civil society groups while focusing on actionable policy design and practical implementation strategies.
The taskforce will report directly to the President, submitting monthly progress memoranda. An interim report is expected after three months, while the final report will be delivered within six months of its inauguration.
President Tinubu has tasked the group with producing three key reform blueprints. The first is an Implementation Toolkit for Immediate Structural Fixes, which will include draft legislative amendments, executive instruments and proposals for institutional restructuring within the sector.
The second deliverable is a Capital and Liquidity Acceleration Blueprint designed to unlock between $5 billion and $10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
The third output will be a National Energy Transformation Strategy, a 10-year roadmap outlining measurable targets for oil and gas production, foreign exchange earnings, contribution to gross domestic product and improvements in cost competitiveness.
To ensure effective coordination, the President has directed all Ministries, Departments and Agencies, as well as sector regulators and related institutions, to provide full technical support to the taskforce and submit inventories of their ongoing initiatives to align with the emerging reform framework.
Tinubu also ordered that all existing committees, working groups and reform teams within the petroleum sector harmonise their activities, reporting structures and work programmes with the new taskforce. The directive is aimed at avoiding duplication of mandates and ensuring coherence in the sector’s reform architecture.
All relevant documentation, institutional knowledge and ongoing workstreams are also to be made available to the taskforce to support the development and implementation of a comprehensive reform framework.
The presidential initiative is expected to accelerate petroleum sector reforms, strengthen governance structures and optimise Nigeria’s energy assets as part of broader efforts to position the country’s petroleum resources as a foundation for sustainable economic transformation.
The taskforce will automatically dissolve after submitting its final report and upon its acceptance by the President.