President Bola Ahmed Tinubu has approved the creation of a Presidential Petroleum Reform and Value Optimisation Taskforce aimed at unlocking up to $10 billion in liquidity and accelerating structural reforms in Nigeria’s oil and gas sector.
The task force will coordinate the next phase of petroleum sector reforms, strengthen governance in the industry, and position Nigeria as a more competitive destination for global energy investment.
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The body will be chaired by Fola Adeola, co‑founder of Guaranty Trust Bank and founder of Fate Foundation, and will operate as a high‑level technical working group reporting directly to the president.
Other appointed members will support the task force’s objectives, with Mofoluwasho Fadayomi serving as secretary.
The presidency stated that the team will produce three major reform blueprints within six months: an Implementation Toolkit for Immediate Structural Fixes, a Capital and Liquidity Acceleration Blueprint to unlock $5–$10 billion in sector liquidity, and a National Energy Transformation Strategy outlining a 10‑year roadmap for production, foreign-exchange earnings, GDP contribution, and cost competitiveness.
The task force will submit monthly progress reports to the president, deliver an interim report within three months, and present final reform proposals within six months of its inauguration.
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All relevant ministries, departments, agencies, and regulators have been directed to provide full technical support and align ongoing initiatives with the task force’s framework to ensure coordinated execution.
The initiative is part of the administration’s broader push to restructure Nigeria’s petroleum industry, attract investment capital, and strengthen the sector’s contribution to long‑term economic growth and macroeconomic stability.
Source: Nairametrics
