President Bola Ahmed Tinubu has officially inaugurated the Presidential Petroleum Reform and Value Optimisation Taskforce to spearhead the next wave of structural reforms in Nigeria’s petroleum sector. The move signals a bold commitment to transforming the industry into a more competitive and transparent sector capable of driving long-term economic growth.
The Taskforce will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation, with other key figures including Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella. Mofoluwasho Fadayomi will serve as the secretary, ensuring the group’s work is coordinated and delivered on schedule.
According to Bayo Onanuga, the President’s Special Adviser on Information and Strategy, the Taskforce is a time-bound, high-level executive group tasked with producing actionable reform blueprints. Its objectives include consolidating ongoing sector reforms, unlocking capital, and strengthening Nigeria’s position as a top global energy investment destination. Unlike traditional committees, the Taskforce will focus on technical policy design, consulting industry operators, regulators, investors, and civil society as needed.
The Taskforce is expected to deliver three major outputs: an Implementation Toolkit for Immediate Structural Fixes, a Capital and Liquidity Acceleration Blueprint to unlock $5–10 billion in sector liquidity while protecting sovereign interests, and a National Energy Transformation Strategy, a 10-year roadmap with measurable targets for production, GDP contribution, and cost competitiveness. It will report directly to the President, submitting an interim report after three months and a final report within six months.
President Tinubu has directed all ministries, regulators, and agencies to provide technical support and ensure alignment with existing initiatives. The Taskforce will dissolve automatically upon submission and approval of its final report, consolidating Nigeria’s petroleum reform efforts under a single, coherent framework aimed at driving sustainable economic growth.
source: dailytimes