Tinubu sets up petroleum reform task force to unlock up to $10bn sector liquidity

President Bola Ahmed Tinubu has approved the creation of a Presidential Petroleum Reform and Value Optimisation Taskforce aimed at accelerating structural reforms in Nigeria’s oil and gas sector and unlocking billions of dollars in investment.

The initiative was announced in a statement issued by presidential spokesperson Bayo Onanuga, which said the task force will help consolidate ongoing reforms while positioning Nigeria as a more competitive global energy investment destination.

The president appointed Fola Adeola as chairman of the task force. Other members include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella, while Mofoluwasho Fadayomi will serve as secretary.

Task force to drive sector reforms

According to the presidency, the task force has been mandated to implement strategic reforms in the petroleum sector, including measures to boost foreign exchange earnings and improve the industry’s investment climate.

One of its key assignments is to produce an implementation toolkit that will outline immediate structural fixes, including draft legislative amendments, executive policy instruments, and proposals for institutional restructuring.

Another major deliverable is the Capital and Liquidity Acceleration Blueprint, designed to unlock between $5 billion and $10 billion in sector liquidity while protecting Nigeria’s sovereign interests.

The task force will also develop a National Energy Transformation Strategy: a ten-year roadmap outlining measurable targets for oil and gas production, foreign exchange earnings, GDP contribution, and overall sector competitiveness.

Six-month reform mandate

The presidency described the body as a time-bound technical working group focused on producing execution-ready reform plans that will deepen ongoing changes in the industry and attract fresh capital.

Unlike traditional committees, the task force will operate primarily as a technical reform unit that consults widely but focuses on policy design and implementation.

The team will report directly to Tinubu and submit monthly progress updates. An interim report is expected after three months, while the final reform proposals will be delivered within six months of its inauguration.

All ministries, government agencies, regulators, and relevant institutions have been directed to provide technical support to the task force and align their ongoing reform initiatives with its framework.

Push for market-driven oil reforms

The task force forms part of the administration’s broader push to transform the country’s petroleum industry into a more transparent and competitive sector capable of driving economic growth and attracting global investment.

In 2024, Tinubu reaffirmed his commitment to adopting a market-driven model for oil sector reforms, urging stakeholders to prioritise local refining and domestic supply of petrol and other petroleum products.

He also encouraged engagement with the African Export‑Import Bank as a settlement institution to help address challenges related to naira pricing for crude oil and refined products.

Read also: Banks get 18 months to launch anti-money laundering systems