President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce to coordinate the next phase of structural reforms in Nigeria’s petroleum sector.
The announcement was made in a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on March 13, 2026.
According to the statement, the Taskforce will be chaired by Fola Adeola, who will coordinate its activities and ensure the timely execution 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.
As constituted, the Taskforce is a time-bound, high-level executive working group tasked with producing execution-ready reform blueprints that will consolidate ongoing reforms, unlock capital within the petroleum sector, and strengthen Nigeria’s position as a leading global energy investment destination.
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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.
It will operate as a technical reform body rather than a representative committee, engaging industry operators, regulators, investors, and civil society as consultees while focusing on actionable policy design and implementation strategies.
The Taskforce will report directly to the President and provide monthly progress memoranda. An interim report will be submitted after three months, while the final outputs are expected within six months of inauguration.
President Tinubu expects the Taskforce to deliver three major reform blueprints. One of the deliverables is the Implementation Toolkit for Immediate Structural Fixes – including draft legislative amendments, executive instruments, and institutional restructuring proposals.
The second deliverable is the Capital & Liquidity Acceleration Blueprint, aimed at unlocking $5–10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
The third blueprint will focus on the National Energy Transformation Strategy – a ten-year roadmap with measurable targets for production, foreign exchange earnings, GDP contribution, and cost competitiveness.
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President Tinubu has directed all Ministries, Departments, Agencies, regulators, and relevant institutions to provide full technical support to the Taskforce and to submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.
In furtherance of this directive, the President also instructed all existing committees, teams, and working groups operating under different reform initiatives in the sector to align their activities, reporting structures, and programmes with the new Taskforce.
The move, according to the presidency, is intended to streamline operations, prevent duplication of mandates, and ensure better coordination across the petroleum sector’s reform architecture.
The President also directed that all relevant documentation, institutional knowledge, and ongoing workstreams be made available to the Taskforce to support the development and implementation of its comprehensive reform framework.
The creation of the Taskforce represents a strategic move to accelerate reforms in the petroleum industry, strengthen governance structures, optimise national energy assets, and position Nigeria’s petroleum resources as a foundation for sustainable economic transformation.
The Taskforce will automatically dissolve upon submission and acceptance of its final report.