Tinubu Inaugurates Petroleum Reform Task Force to Drive Sector Overhaul

President Bola Ahmed Tinubu has inaugurated a Presidential Petroleum Reform and Value Optimisation Task Force as part of efforts to reposition Nigeria’s oil and gas sector and drive the next phase of structural reforms.

The high-level task force has been mandated to design and sequence key reforms aimed at improving efficiency, attracting investment and maximising value across the petroleum industry.

The President appointed Fola Adeola, co-founder of Guaranty Trust Bank and chairman of the Fate Foundation, as chairman of the committee, signalling the administration’s intention to adopt a technically driven and results-oriented approach to reform in the sector.

Other members of the task force include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella, while Mofoluwasho Fadayomi will serve as secretary.

According to the presidency, the body is structured as a technical reform team rather than a consultative committee. Its role will be to work with regulators, investors and civil society groups to develop practical, implementation-ready policy proposals for the petroleum sector.

The task force is expected to provide monthly progress reports directly to the President. An interim report is due within three months, while a final report is expected within six months, after which the body will be dissolved.

President Tinubu also directed all government ministries, departments and agencies involved in the petroleum sector to cooperate fully with the task force and grant it access to relevant institutional data required for its work.

To avoid duplication of efforts, the President ordered existing committees and working groups in the sector to align their programmes with the new task force. Ongoing initiatives, documents and sector data are expected to be integrated into the task force’s work.

The team has been assigned three key deliverables. These include the development of an implementation toolkit for immediate structural reforms, covering draft legislation, executive orders and institutional restructuring plans.

The task force will also prepare a capital and liquidity acceleration blueprint aimed at attracting between $5bn and $10bn in new investment into the petroleum sector while safeguarding Nigeria’s national interests.

In addition, it is expected to produce a ten-year national energy transformation strategy outlining production targets, foreign exchange generation and the sector’s long-term contribution to Nigeria’s gross domestic product.

The administration said the initiative is part of broader efforts to transform the petroleum industry into a more transparent, competitive and value-driven pillar of the Nigerian economy.