President Bola Tinubu has approved the formation of a high-level task force to coordinate the next phase of reforms in Nigeria’s petroleum industry.
The initiative, known as the Presidential Petroleum Reform and Value Optimisation Task Force, was announced in a statement issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
According to the statement, the newly created body will focus on developing and implementing policies aimed at restructuring the petroleum sector, improving efficiency and strengthening Nigeria’s competitiveness in the global energy market.
The task force would be chaired by Fola Adeola, a respected banker and founder of Fate Foundation, who would coordinate the group’s activities and oversee the delivery of its objectives.
Other members of the committee include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella, while Mofoluwasho Fadayomi would serve as secretary to the group.
Presidential spokesperson Onanuga explained that the team would function as a specialised technical body rather than a broad representative committee.
Its mandate would be to produce practical reform strategies capable of strengthening existing policies, attracting new investment and unlocking financial resources within the petroleum sector.
The task force would also consult widely with industry stakeholders, regulators, investors and civil society organisations as part of efforts to design workable policies and implementation frameworks.
According to the Presidency, the group will submit regular progress reports directly to the President.
An interim report is expected within three months of its inauguration, while a comprehensive final report is scheduled for submission after six months.
As part of its assignment, the task force is expected to develop three major reform plans.
These include a toolkit designed to address urgent structural challenges in the petroleum sector, which would contain draft legislative proposals, executive policy instruments and recommendations for institutional restructuring.
Another key deliverable would focus on boosting capital flow and liquidity within the sector.
The plan aims to unlock between five billion and ten billion dollars in investment while ensuring Nigeria’s strategic national interests remain protected.
The task force would prepare a long-term national energy transformation strategy that would outline a 10-year roadmap for the sector.
The strategy is expected to include measurable targets for oil and gas production, foreign exchange generation, contribution to the country’s Gross Domestic Product and improvements in cost competitiveness.
President Tinubu has directed all relevant Ministries, Departments and Agencies to provide the task force with full technical cooperation.
Regulators and other institutions involved in petroleum sector initiatives have also been instructed to submit details of their ongoing programmes in order to align them with the work of the new reform body.
In addition, all committees and working groups previously established under various petroleum sector reform programmes are expected to coordinate their activities with the task force.
The Presidency said all relevant documentation, data and institutional resources would be made available to the committee to support the development of a comprehensive reform framework.
The task force would automatically cease operations once its final report is completed and accepted by the President.
