President Bola Tinubu on Friday approved the establishment of a high-level task force to map out sweeping reforms in the petroleum industry, targeting to boost investment, unlock billions in capital and position the country as a top global energy hub.
Special Adviser on Information and Startegy to the President Bayo Onanuga in a statement said the Presidential Petroleum Reform & Value Optimisation Taskforce is expected to design and sequence the next phase of structural reforms in Nigeria’s petroleum sector.
The statement said Fola Adeola, co-founder of Guaranty Trust Bank and chairman of the Fate Foundation, will lead the Presidential Petroleum Reform & Value Optimisation Taskforce. He will oversee its work to deliver blueprints within six months.
Other members include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella. Mofoluwasho Fadayomi serves as secretary.
The group, which will report directly to President Tinubu, must produce three key deliverables: an implementation toolkit for urgent fixes like legislative changes and institutional shifts; a blueprint to free up $5 billion to $10 billion in sector liquidity while protecting national interests; and a 10-year National Energy Transformation Strategy with targets for production, revenue, GDP growth and cost savings.
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President Tinubu has already ordered all Ministries, regulators and agencies to support the task force fully, including handing over documents and aligning existing committees to eliminate overlap.
The panel will consult industry players, investors and civil society but function as a technical body focused on policy design.
NewsQuest reports that an interim report is due in three months, with monthly updates to the president. The task force dissolves after submitting its final report.
