Tinubu approves petroleum reform taskforce to unlock $10bn in oil sector
President Bola Tinubu
Abdullateef Fowewe
President Bola Tinubu has established a high-level Presidential Petroleum Reform & Value Optimisation Taskforce to fast-track structural reforms in Nigeria’s oil and gas sector, aiming to boost investment, production, and economic growth.
A statement on Friday by Bayo Onanuga, Special Adviser to the President on Information & Strategy, confirmed that the time-bound executive group will deliver execution-ready blueprints within six months to consolidate reforms, unlock $5–10 billion in liquidity, and position Nigeria as a top global energy investment hub.
Fola Adeola, co-founder of Guaranty Trust Bank and chairman of Fate Foundation, leads as chairman, with Mofoluwasho Fadayomi as secretary.
Members include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella.
The taskforce, reporting directly to the President with monthly updates, will produce three key deliverables: Implementation Toolkit for Immediate Structural Fixes: Draft laws, executive orders, and restructuring proposals.
Capital & Liquidity Acceleration Blueprint: Strategies to mobilize $5–10 billion while protecting national interests.
National Energy Transformation Strategy: A 10-year roadmap targeting production growth, forex earnings, GDP impact, and cost efficiency.
“This initiative reflects the President’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent, and value-maximising sector,” Onanuga stated.
Tinubu directed all ministries, agencies, regulators, and institutions to provide full support, submit ongoing initiative inventories, and align existing committees with the taskforce to eliminate overlaps and ensure coordination.
Relevant documents and workstreams must be handed over promptly.
The group will engage industry players, investors, regulators, and civil society as consultees, functioning as a technical body focused on policy design. It dissolves upon final report acceptance.
