President Bola Tinubu has approved the establishment of a presidential petroleum reform and value optimisation task force to design and sequence the next phase of structural reforms in the petroleum sector.
In a statement on Friday, Bayo Onanuga, special adviser to
the president on information and strategy, said Fola Adeola, co-founder of
Guaranty Trust Bank (GTB), and founder and chairman of the Fate Foundation, is
the Task Force’s chairman.
As chairman, the presidency said he will oversee the group’s
work and ensure the timely delivery of its mandate.
Other members of the taskforce are Ademola Adeyemi-Bero,
Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa
Osakwe-Okoye, and Seyi Bella.
According to the statement, Mofoluwasho Fadayomi will serve
as secretary of the task force.
“As constituted, the Taskforce is a time-bound, high-level
executive working group tasked with producing execution-ready reform blueprints
that will consolidate ongoing reforms, unlock capital within the petroleum
sector, and strengthen Nigeria’s position as a leading global energy investment
destination,” Onanuga said.
“The initiative reflects the President’s commitment to
transforming Nigeria’s petroleum industry into a more competitive, transparent,
and value-maximising sector capable of driving long-term economic growth,
macroeconomic resilience, and industrial development.
“It will operate as a technical reform body rather than a
representative committee, engaging industry operators, regulators, investors,
and civil society as consultees while focusing on actionable policy design and
implementation strategies.”
Onanuga said the task force will report directly to Tinubu
and submit monthly progress memoranda.
He added that an interim report will be presented after
three months, while the final report is expected within six months of its
inauguration.
The president, the spokesperson noted, expects the task
force to produce three major reform blueprints.
“One of the deliverables is the Implementation Toolkit for
Immediate Structural Fixes – including draft legislative amendments, executive
instruments, and institutional restructuring proposals,” Onanuga said.
“The second deliverable is the Capital & Liquidity
Acceleration Blueprint, aimed at unlocking $5–10 billion in sectoral liquidity
while safeguarding Nigeria’s sovereign interests.
“The third blueprint will focus on the National Energy
Transformation Strategy – a ten-year roadmap with measurable targets for
production, foreign exchange earnings, GDP contribution, and cost
competitiveness.”
According to the statement, Tinubu has directed all
ministries, departments, agencies, regulators, and relevant institutions “to
provide full technical support to the taskforce and to submit inventories of
ongoing initiatives to ensure alignment with the emerging reform framework”.
In furtherance of the directive, Onanuga said Tinubu has
also instructed all existing committees, teams, and working groups established
under various reform initiatives in the sector to align their activities,
reporting structures, and work programmes with the new task force.
“The streamlining will ensure coordination, avoid
duplication of mandates, and provide institutional clarity, thereby ensuring
coherence in the petroleum sector reform architecture,” the presidency said.
“The President has also directed that all relevant
documentation, institutional knowledge, and ongoing workstreams should be made
available to the Taskforce to support the development and implementation of its
comprehensive reform framework.
“The creation of the Taskforce represents a strategic
presidential instrument to accelerate petroleum sector reforms, strengthen
governance architecture, optimise national energy assets, and position
Nigeria’s petroleum resources as a foundation for sustainable economic
transformation.”
The spokesperson said the task force will automatically
dissolve upon submission and acceptance of its final report.
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