President Bola Ahmed Tinubu has inaugurated a Presidential Task Force on Petroleum Reform and Value Optimisation, signalling a fresh push to restructure Nigeria’s oil and gas sector and improve efficiency across the industry.
The new task force, approved by the president earlier this week, is expected to design and implement the next phase of structural reforms aimed at boosting production, increasing transparency and maximising value from the country’s petroleum resources.
Speaking at the inauguration ceremony in Abuja, Tinubu said the initiative forms part of his administration’s broader economic reform agenda and is intended to address longstanding challenges affecting the sector.
According to the president, Nigeria’s petroleum industry remains central to national revenue and economic stability, but inefficiencies and underinvestment have prevented the country from fully realising its potential.
He said the task force would work closely with key government institutions, industry operators and global partners to develop strategies that will improve operational efficiency and attract new investments into the sector.
The committee will be chaired by renowned banker and business leader Fola Adeola, co-founder of Guaranty Trust Bank. Adeola is expected to lead a team of experts drawn from the public and private sectors with deep experience in energy, finance and economic policy.
Tinubu expressed confidence that the task force would deliver practical recommendations capable of repositioning Nigeria’s oil industry for sustainable growth.
He noted that despite recent reforms, including the implementation of the Petroleum Industry Act, further work is needed to unlock value across the entire petroleum value chain.
“Our objective is clear: to make Nigeria’s petroleum industry more efficient, competitive and transparent,” the president said.
Industry stakeholders have welcomed the move, describing it as a timely step toward addressing structural challenges such as declining production levels, infrastructure deficits and regulatory bottlenecks.
Nigeria, Africa’s largest oil producer, has struggled in recent years with fluctuating output caused by oil theft, pipeline vandalism and investment uncertainties.
Analysts say the success of the new task force will depend largely on its ability to deliver practical reforms that strengthen governance in the sector while improving investor confidence.
The panel is expected to submit a roadmap for implementation after consultations with industry stakeholders in the coming months.
Government officials say the initiative forms part of broader efforts by the Tinubu administration to stabilise the economy, increase national revenue and position Nigeria’s energy sector for long-term sustainability.