Tinubu Sets Up Task Force to Boost Petroleum Sector Reforms

By Emmanuel Kwada

President Bola Ahmed Tinubu has established the Presidential Petroleum Reform and Value Optimisation Task Force to drive the next stage of deep structural changes in Nigeria’s oil and gas industry.

The announcement was made on Friday, March 13, 2026, in a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy.

Fola Adeola, co-founder of Guaranty Trust Bank and founder of the FATE Foundation, has been named chairman of the task force. He is expected to lead and coordinate the group to deliver its mandate on schedule.

The other members are Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella. Mofoluwasho Fadayomi will serve as secretary.

Described as a time-bound, high-level technical working group, the task force has been charged with producing execution-ready reform blueprints.

Its core objectives are to consolidate reforms already underway, unlock significant capital within the sector and position Nigeria as a more competitive and attractive destination for global energy investment.

According to the Presidency, the initiative underlines President Tinubu’s determination to transform the petroleum industry into a more competitive, transparent and value-driven sector that can fuel sustained economic growth, strengthen macroeconomic stability and support industrial development across the country.

The task force will function strictly as a technical reform body rather than a representative committee.

It will engage industry operators, regulators, investors and civil society as consultees while concentrating on actionable policy design and implementation strategies.

Reporting directly to the President, the group will submit monthly progress memoranda, an interim report after three months and final deliverables within six months of its inauguration.

President Tinubu has outlined three major reform blueprints the task force is expected to produce. The first is an Implementation Toolkit for immediate structural fixes, covering draft legislative amendments, executive instruments and institutional restructuring proposals.

The second is the Capital & Liquidity Acceleration Blueprint, targeted at unlocking between $5 billion and $10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.

The third is the National Energy Transformation Strategy, a comprehensive ten-year roadmap that includes measurable targets for production volumes, foreign exchange earnings, contribution to GDP and improvements in cost competitiveness.

The President has directed all Ministries, Departments and Agencies, regulators and relevant institutions to provide full technical support to the task force and to submit inventories of ongoing initiatives so that everything can be aligned with the new reform framework.

He has also instructed all existing committees, teams and working groups in the petroleum sector to realign their activities, reporting lines and work programmes with the Presidential Task Force.

The creation of the task force forms part of the administration’s broader push to reposition Nigeria’s oil and gas sector, which continues to serve as the backbone of the national economy.