The announcement was made in a statement on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
According to the statement, the task force will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of Fate Foundation. Adeola will lead the group and oversee the delivery of its mandate.
Other members of the task force include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella. Mofoluwasho Fadayomi will serve as the secretary of the group.
The task force is described as a high-level technical working group set up to develop practical reform plans aimed at strengthening Nigeria’s petroleum sector, attracting investment, and supporting ongoing industry reforms.
It will work closely with industry operators, regulators, investors, and civil society groups while focusing on developing clear policies and implementation strategies.
The group will report directly to President Tinubu and submit monthly progress updates. An interim report is expected within three months, while the final report will be delivered six months after the task force begins its work.
The President has directed the task force to produce three major reform plans. The first will focus on immediate structural improvements within the sector, including proposed legislative changes and institutional restructuring.
The second plan will aim to increase capital and liquidity in the industry, with a target of unlocking between five and ten billion dollars while protecting Nigeria’s national interests.
The third reform blueprint will outline a ten-year national energy transformation strategy, setting measurable targets for production levels, foreign exchange earnings, contribution to the country’s gross domestic product, and overall competitiveness.
President Tinubu has also instructed all ministries, departments, agencies, and regulatory bodies involved in the petroleum sector to provide full technical support to the task force.
Existing committees and reform teams within the sector have also been directed to align their work with the new task force.
The task force will automatically dissolve after submitting and receiving approval for its final report.
