Tinubu Unveils Powerful Petroleum Reform Task Force to Unlock $10 Billion Investment in Nigeria’s Oil Sector

Follow

( 0 Followers )

X

Follow

E-mail : *

Follow Unfollow

President Bola Ahmed Tinubu has approved the establishment of a high-level Presidential Petroleum Reform and Value Optimisation Task Force to accelerate structural reforms in Nigeria’s oil and gas sector and unlock billions of dollars in investment.

The initiative, announced in a State House press statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, is designed to reposition Nigeria’s petroleum industry as a globally competitive and investment-friendly energy sector.

According to the statement, the task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation, who will coordinate the team’s work and ensure the timely delivery of its mandate.

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.

The task force has been constituted as a time-bound executive working group responsible for producing practical reform blueprints that will consolidate ongoing reforms and unlock capital within Nigeria’s petroleum sector.

Officials say the initiative reflects President Tinubu’s broader commitment to transforming the oil and gas industry into a transparent, competitive, and value-maximising sector capable of driving long-term economic growth, macroeconomic resilience, and industrial development.

Unlike traditional committees, the task force will function as a technical reform body. It will consult widely with industry operators, regulators, investors, and civil society while focusing primarily on actionable policy design and implementation strategies.

One of the group’s key targets is to unlock between $5 billion and $10 billion in liquidity within the petroleum sector while safeguarding Nigeria’s national interests.

The task force will deliver three major reform blueprints.

The first will focus on Immediate Structural Fixes, including draft legislative amendments, executive instruments, and proposals for institutional restructuring within the petroleum industry.

The second will be a Capital and Liquidity Acceleration Blueprint, designed to attract fresh investment and strengthen financial flows across the oil and gas value chain.

The third will be a National Energy Transformation Strategy, a ten-year roadmap outlining measurable targets for oil production, foreign exchange earnings, GDP contribution, and global cost competitiveness.

The task force will report directly to President Tinubu and submit monthly progress memoranda. An interim report is expected after three months, while the final report will be delivered within six months of the group’s inauguration.

To ensure seamless coordination, the president has directed all ministries, departments, agencies, regulators, and relevant institutions to provide full technical support to the team.

Existing committees and reform groups operating in the petroleum sector have also been instructed to align their activities with the new task force to avoid duplication and strengthen policy coherence.

The presidency said all relevant documentation, institutional knowledge, and ongoing reform initiatives will be made available to the task force to support the development of its comprehensive reform framework.

Officials described the creation of the task force as a strategic instrument aimed at accelerating petroleum sector reforms, strengthening governance architecture, optimising national energy assets, and positioning Nigeria’s oil resources as a foundation for sustainable economic transformation.

The task force will automatically dissolve once its final report is submitted and accepted by the president.