President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce to drive the next phase of reforms in Nigeria’s petroleum sector.
A statement from the presidency said the taskforce will design and sequence reforms aimed at consolidating ongoing changes in the sector, attracting investment and strengthening Nigeria’s position as a global energy destination.
Co founder of Guaranty Trust Bank and founder of Fate Foundation, Fola Adeola, will serve as chairman of the taskforce.
Other members 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 group.
The presidency said the taskforce will operate as a time bound, high level technical reform body focused on producing execution ready policy frameworks for the sector.
The group is expected to deliver three major reform blueprints including an implementation toolkit for immediate structural fixes covering legislative amendments, executive instruments and institutional restructuring proposals.
Another deliverable is a capital and liquidity acceleration blueprint aimed at unlocking between five and 10 billion dollars in sectoral liquidity while protecting Nigeria’s sovereign interests.
The third output will be a national energy transformation strategy, a ten year roadmap with measurable targets for oil production, foreign exchange earnings, GDP contribution and cost competitiveness.
The taskforce will report directly to the president and submit monthly progress memoranda.
An interim report is expected after three months while final recommendations are due within six months of inauguration.
The president also directed all ministries, departments and agencies as well as regulators to provide technical support and align ongoing initiatives with the new reform framework.
