The Nigerian Government has established the Presidential Petroleum Reform and Value Optimisation Taskforce to design and sequence the next phase of structural reforms in the country’s petroleum sector.
According to the statement by the Special Adviser to the Nigerian President on Information and Strategy, Mr. Bayo Onanuga, on Friday, the taskforce will be chaired by the co-founder of Guaranty Trust Bank and founder and chairman of the Fate Foundation, Fola Adeola.
The other members of the taskforce are Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella, with Mofoluwasho Fadayomi serving as secretary.
The statement stated that the taskforce would operate as a time-bound, high-level executive working group tasked with producing execution-ready reform blueprints.
It explained that the taskforce will consolidate ongoing reforms, unlock capital within the petroleum sector, and strengthen the country’s position as a leading global energy investment destination.
“The initiative reflects the Nigerian President’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent, and value-maximising sector capable of driving long-term economic growth, macroeconomic resilience, and industrial development,” the statement said.
The statement added that the taskforce will operate as a technical reform body rather than a representative committee, engaging industry operators, regulators, investors, and civil society as consultees while focusing on actionable policy design and implementation strategies.
It explained that the taskforce will report directly to the President and provide monthly progress memoranda, with an interim report expected after three months and final outputs within six months of inauguration.
“President Tinubu has directed the taskforce to deliver three major reform blueprints. The first deliverable is the Implementation Toolkit for Immediate Structural Fixes, including draft legislative amendments, executive instruments, and institutional restructuring proposals.
“The second deliverable is the Capital & Liquidity Acceleration Blueprint, aimed at unlocking $5bn to $10bn in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
“The third blueprint will focus on the National Energy Transformation Strategy, a 10-year roadmap with measurable targets for production, foreign exchange earnings, GDP contribution, and cost competitiveness,” the statement added.
According to the statement, the Nigerian President has directed all Ministries, Departments, Agencies, regulators, and relevant institutions to provide full technical support to the taskforce and to submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.
The President also directed all existing committees, teams, and working groups established under various reform initiatives within the sector to align their activities, reporting structures, and work programmes with the new taskforce.
“The streamlining will ensure coordination, avoid duplication of mandates, and provide institutional clarity, thereby ensuring coherence in the petroleum sector reform architecture,” the statement said.
GIK/APA