President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force to oversee the next phase of reforms in Nigeria’s oil and gas industry.
The development was disclosed in a statement by the president’s Special Adviser on Information and Strategy, Bayo Onanuga. According to the statement, the task force will be chaired by Fola Adeola, who will lead a team of industry and financial experts charged with developing reform plans aimed at strengthening ongoing changes in the petroleum sector, attracting investment, and enhancing Nigeria’s status as a global energy investment hub.
Members of the task force 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 described the body as a temporary, high-level executive working group tasked with developing practical policy frameworks and implementation strategies to improve transparency, competitiveness, and value creation within Nigeria’s petroleum sector.
According to the statement, the initiative demonstrates President Tinubu’s determination to transform the oil and gas industry into a more transparent and competitive sector capable of driving long-term economic growth, macroeconomic stability, and industrial development.
Unlike conventional government committees, the task force will function primarily as a technical reform team. It will consult widely with industry operators, regulators, investors, and civil society groups while focusing on designing actionable policy recommendations.
The task force will report directly to the president through monthly updates. An interim report is expected within three months, while a comprehensive reform proposal will be submitted within six months of its inauguration.
Among its key assignments, the group is expected to produce three major reform frameworks. The first is an Implementation Toolkit for Immediate Structural Fixes, which will include proposed legislative amendments, executive policy instruments, and institutional restructuring recommendations.
The second, known as the Capital and Liquidity Acceleration Blueprint, aims to unlock between $5 billion and $10 billion in investment liquidity for the petroleum industry while safeguarding Nigeria’s sovereign interests.
The third deliverable, the National Energy Transformation Strategy, will outline a ten-year roadmap for the sector, with measurable targets covering crude oil production, foreign exchange earnings, contribution to GDP, and global cost competitiveness.
President Tinubu has also directed all ministries, departments, and agencies involved in the oil and gas sector to provide full technical support to the task force and submit detailed inventories of their current reform initiatives.
He further instructed existing committees and working groups handling petroleum sector reforms to align their activities with the new body to avoid duplication and improve coordination.
The Presidency noted that the task force will serve as a strategic instrument for accelerating reforms, strengthening governance, and optimising Nigeria’s energy resources to support sustainable economic transformation. The body will automatically dissolve after submitting its final report and receiving presidential approval.
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