By Nkechi Eze
President Bola Ahmed Tinubu has approved the creation of a Presidential Petroleum Reform and Value Optimisation Taskforce to spearhead the next phase of structural reforms in Nigeria’s petroleum industry.
The initiative is aimed at repositioning the sector to become more competitive, transparent and efficient while maximising value for the nation’s economy. The reform effort is also expected to strengthen macroeconomic stability, stimulate industrial growth and enhance the long-term sustainability of the petroleum sector.
According to a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, the newly constituted taskforce will function as a technical reform body rather than a representative committee. It will focus primarily on developing practical policy frameworks and implementation strategies to guide the next stage of reforms.
The statement explained that while the taskforce will engage industry operators, regulators, investors and civil society groups as stakeholders during consultations, its core mandate will be to design actionable reforms capable of strengthening governance, efficiency and value optimisation within the petroleum industry.
The taskforce will report directly to the President and is expected to submit monthly progress memoranda on its activities. An interim report will be presented after three months, while the final recommendations are expected within six months of its inauguration.
The co-founder of Guaranty Trust Bank and founder of the Fate Foundation, Fola Adeola, has been appointed as chairman of the taskforce. In this role, Adeola will coordinate the activities of the group and oversee the timely delivery of its mandate.
Other members of the taskforce include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella.
Mofoluwasho Fadayomi will serve as secretary of the taskforce.
The establishment of the body is part of the Federal Government’s broader efforts to strengthen policy coordination and accelerate reforms designed to improve the efficiency, transparency and global competitiveness of Nigeria’s petroleum sector.
