By Chimezie Godfrey
President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force to design and coordinate the next phase of structural reforms in Nigeria’s petroleum sector.
A statement issued on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the Task Force would produce execution-ready reform blueprints aimed at consolidating ongoing reforms, unlocking capital within the petroleum sector, and strengthening Nigeria’s position as a global energy investment destination.
According to the statement, Mr Fola Adeola, co-founder of Guaranty Trust Bank and founder of the Fate Foundation, will chair the Task Force and coordinate its activities to ensure timely delivery of its mandate.
Other members include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella.
Mofoluwasho Fadayomi will serve as secretary.
The statement explained that the Task Force is a time-bound high-level executive working group mandated to design practical policy frameworks capable of transforming Nigeria’s petroleum industry into a more competitive and transparent sector.
“The initiative reflects the 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,” Onanuga said.
The Task Force will submit monthly progress memoranda to the President, with an interim report expected after three months and final recommendations within six months of inauguration.
Among its key deliverables are an Implementation Toolkit for Immediate Structural Fixes, a Capital and Liquidity Acceleration Blueprint aimed at unlocking between $5 billion and $10 billion in sectoral liquidity, and a National Energy Transformation Strategy, which will provide a ten-year roadmap for the sector.
President Tinubu also directed all ministries, departments, agencies and regulators to provide full technical support to the Task Force and align ongoing petroleum reform initiatives with the new framework.
“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,” Onanuga added.
The Task Force will dissolve automatically upon submission and acceptance of its final report.