President Bola Ahmed Tinubu has constituted a presidential task force to develop the next phase of reforms for Nigeria’s petroleum industry, with a mandate to produce concrete strategies aimed at strengthening the sector and attracting new investment.
According to a statement issued on Friday by presidential spokesman Bayo Onanuga via X (formely Twitter), the newly created Presidential Petroleum Reform and Value Optimisation Task Force will be chaired by Fola Adeola, who is expected to coordinate the group’s work and ensure the delivery of its objectives within the stipulated timeframe.
Members of the team include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella, while Mofoluwasho Fadayomi will serve as the secretary.
The presidency described the body as a short-term, high-level executive group established to craft practical reform plans that will consolidate ongoing policy changes, attract capital into the petroleum sector and enhance Nigeria’s standing as a competitive energy investment destination.
Onanuga noted that the initiative reflects Tinubu’s intention to reshape the oil and gas industry into a transparent and efficient sector capable of supporting long-term economic growth, boosting industrial development and improving macroeconomic stability.
Rather than functioning as a representative committee, the task force will operate as a technical reform unit focused on policy design and implementation. It will consult with regulators, industry operators, investors and civil society groups while developing its proposals.
The task force will report directly to the president and submit monthly progress updates. An interim report is expected after three months, while a comprehensive final report is scheduled for submission within six months.
Among its assignments is the preparation of three major reform frameworks. One of them is an implementation toolkit designed to address immediate structural issues through legislative amendments, executive directives and institutional restructuring proposals.
“One of the deliverables is the Implementation Toolkit for Immediate Structural Fixes – including draft legislative amendments, executive instruments, and institutional restructuring proposals,” the statement reads in part.
“The second deliverable is the Capital & Liquidity Acceleration Blueprint, aimed at unlocking $5–10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
“The third blueprint will focus on the National Energy Transformation Strategy – a ten-year roadmap with measurable targets for production, foreign exchange earnings, GDP contribution, and cost competitiveness.”
Tinubu has directed ministries, departments, agencies and regulators in the petroleum sector to provide technical assistance to the task force and submit details of ongoing initiatives to ensure alignment with the emerging reform programme.
Existing committees and working groups established under different petroleum reform efforts have also been instructed to synchronise their work with the new task force in order to improve coordination and eliminate duplication.
The presidency added that all relevant documents, institutional knowledge and ongoing programmes must be made available to support the task force’s work as it prepares the reform blueprint.
“The creation of the Taskforce represents a strategic presidential instrument to accelerate petroleum sector reforms, strengthen governance architecture, optimise national energy assets, and position Nigeria’s petroleum resources as a foundation for sustainable economic transformation”, the statement adds.
