Nigeria’s Oil Industry to Get Boost as Tinubu Approves Petroleum Reform Taskforce

Nigeria’s Oil Industry to Get Boost as Tinubu Approves Petroleum Reform Taskforce

President Bola Ahmed Tinubu has approved the creation of a high‑level Presidential Petroleum Reform and Value Optimisation Taskforce to accelerate the next phase of structural reforms in Nigeria’s petroleum sector. The initiative aims to consolidate ongoing reforms, unlock sectoral investment, and position Nigeria as a leading global energy investment destination.

The task force will be chaired by Fola Adeola, co‑founder of Guaranty Trust Bank (GTB) and founder of the Fate Foundation, who will coordinate the group’s work and ensure the timely delivery of its mandates. Other members include Ademola Adeyemi‑Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe‑Okoye, Seyi Bella, with Mofoluwasho Fadayomi serving as secretary.

According to Bayo Onanuga, Special Adviser to the President on Information and Strategy, the task force has a time-bound mandate to produce execution-ready reform blueprints. These will consolidate ongoing reforms, unlock capital within the petroleum sector, and strengthen governance to maximise value from Nigeria’s energy resources.

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The task force will function as a technical reform body rather than a representative committee, focusing on policy design, strategic implementation, and actionable reform frameworks. It will engage industry operators, regulators, investors, and civil society as consultees while reporting directly to the President. Monthly progress memoranda will be submitted, with an interim report due in three months and a final report within six months of inauguration. The task force will dissolve automatically once its final report is accepted.

Key Reform Blueprints

The task force is expected to deliver three major blueprints:

1. Implementation Toolkit for Immediate Structural Fixes – Includes legislative amendments, executive instruments, and institutional restructuring proposals to streamline governance and improve sector efficiency.
2. Capital & Liquidity Acceleration Blueprint – Aims to unlock $5–10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests and encouraging private sector investment.
3. National Energy Transformation Strategy – A 10-year roadmap with measurable targets for crude production, foreign exchange earnings, GDP contribution, and cost competitiveness to strengthen Nigeria’s position in the global energy market.

President Tinubu has directed all ministries, departments, agencies, regulators, and energy institutions to provide full technical support and submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework. Existing committees and working groups are also required to harmonize their activities with the new task force to avoid duplication and ensure coherence in policy execution.

The creation of this task force represents a strategic presidential instrument designed to accelerate petroleum sector reforms, optimise national energy assets, strengthen governance, and position Nigeria’s petroleum resources as a foundation for sustainable economic growth and industrial development.

Nigeria’s Oil Industry to Get Boost as Tinubu Approves Petroleum Reform Taskforce