- The taskforce will operate as a temporary executive body focused on producing implementable reform plans
- The group will report directly to the President and provide monthly updates on its progress
- Tinubu has also directed all ministries, government agencies, regulators, and related institutions to cooperate fully with the taskforce
President Bola Tinubu has approved the creation of a Presidential Petroleum Reform and Value Optimisation Taskforce to drive the next phase of reforms in Nigeria’s oil and gas industry.
Eko Hot Blog gathered that the initiative is aimed at developing practical strategies to strengthen the petroleum sector and improve Nigeria’s competitiveness in the global energy market.
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In a statement issued by presidential spokesperson Bayo Onanuga, the taskforce will be led by Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation. Adeola will oversee the group’s activities and ensure the timely execution of its mandate.
Other members of the team include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella. Mofoluwasho Fadayomi will serve as the secretary.
The taskforce will operate as a temporary executive body focused on producing implementable reform plans.
It will consult with industry stakeholders, regulators, investors, and civil society groups, but its central responsibility is to develop policy frameworks and strategies that can be executed quickly.
The group will report directly to the President and provide monthly updates on its progress. An interim report is expected within three months, while the final recommendations are due six months after the taskforce is inaugurated.
Among its key responsibilities is the development of three major reform plans. The first is an Implementation Toolkit designed to address immediate structural challenges through proposed legislative amendments, executive directives, and institutional restructuring.
The second plan is a Capital and Liquidity Acceleration Blueprint intended to unlock between $5 billion and $10 billion in funding for the sector while safeguarding Nigeria’s national interests.
The third is a National Energy Transformation Strategy, a 10-year roadmap that will set clear targets for oil and gas production, contributions to GDP, foreign exchange earnings, and overall cost competitiveness.
President Tinubu has also directed all ministries, government agencies, regulators, and related institutions to cooperate fully with the taskforce and share details of their ongoing projects to ensure proper coordination.
Existing committees and working groups in the petroleum sector have been asked to align their activities with the new body to prevent duplication and improve efficiency.
Relevant documents, institutional records, and ongoing initiatives are also expected to be made available to assist the taskforce in developing a comprehensive reform plan.
The task force will automatically be dissolved once its final report has been submitted and approved.
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