President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce to drive the next phase of structural reforms in Nigeria’s oil and gas sector.
In a State House press release issued on March 13, 2026, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, said the initiative is aimed at designing and sequencing reforms that will strengthen the petroleum industry and enhance its contribution to economic growth.
“President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform & Value Optimisation Taskforce to design and sequence the next phase of structural reforms in Nigeria’s petroleum sector,” Onanuga said.
The Taskforce will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of the FATE Foundation, who will coordinate its activities and ensure timely delivery of its mandate.
Other members of the Taskforce 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 statement, the body is a time-bound, high-level executive working group tasked with producing “execution-ready reform blueprints” that will consolidate ongoing reforms, unlock capital in the petroleum sector, and position Nigeria as a leading destination for global energy investments.
“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,” the statement said.
The Taskforce will function as a technical reform body rather than a representative committee, engaging industry operators, regulators, investors and civil society groups while focusing on practical policy design and implementation strategies.
It will report directly to the President with monthly progress memoranda, submit an interim report after three months, and deliver its final report within six months of inauguration.
The President expects the group to produce three major reform blueprints, including an Implementation Toolkit for Immediate Structural Fixes, which will feature draft legislative amendments, executive instruments and proposals for institutional restructuring.
A second document, the Capital and Liquidity Acceleration Blueprint, is expected to unlock between $5 billion and $10 billion in sectoral liquidity while protecting Nigeria’s sovereign interests.
The third blueprint will outline a National Energy Transformation Strategy, a ten-year roadmap setting measurable targets for production, foreign exchange earnings, GDP contribution and cost competitiveness in the energy sector.
President Tinubu has directed all Ministries, Departments and Agencies, regulators and relevant institutions to provide full technical support to the Taskforce and submit details of ongoing initiatives to ensure alignment with the new reform framework.
He also ordered all existing committees and reform teams within the petroleum sector to harmonise their work programmes and reporting structures with the new Taskforce in order to avoid duplication and ensure coordination.
“The streamlining will ensure coordination, avoid duplication of mandates, and provide institutional clarity, thereby ensuring coherence in the petroleum sector reform architecture,” the statement added.
According to the presidency, the Taskforce will automatically dissolve after submitting its final report and upon its acceptance by the President.
