From Juliana Taiwo-Obalonye, Abuja
Managing Director of Sahara Group, Kola Adesina, has expressed confidence in President Bola Tinubu’s bold and transformative energy sector reforms, describing them as a pivotal turning point for Nigeria’s energy landscape.
In a statement issued by Special Adviser on Information and Strategy, Bayo Onanuga, Adesina spoke in an exclusive interview for an upcoming State House TV documentary commemorating the second anniversary of President Tinubu’s administration.
He praised the government’s efforts to enhance transparency, regulatory consistency, and investment opportunities within the energy sector. “The most significant shift I have seen-without a doubt-has been the government’s willingness to confront the long-term inefficiencies within the petroleum sector. President Bola Ahmed Tinubu’s courage in removing the fuel subsidy and market distortions hasn’t been rivalled in the history of Nigeria.”
He explained that removing fuel subsidies has fostered a more sustainable energy environment, allowing businesses and policymakers to plan with greater confidence and clarity. “The energy sector today is stronger and more sustainable. We can now plan. The macro and micro elements are beginning to work together, and there’s strong potential for long-term benefits,” he added.
From a business perspective, Adesina highlighted how the reforms have unlocked access to fair competition and significantly increased investor confidence. “For us, it’s about the free market, open market, and transparency. Nothing beats that. When there’s no clarity or consistency, investment becomes difficult. But now, we know how to price. It’s open to everyone in the market-whether investing or buying-and you know reform is here and guiding every process,” he said.
The Sahara Group boss also commended the Tinubu administration’s progress in critical infrastructure development, especially in the gas and power sectors where Sahara Group is actively involved. “Lately, there’s been significant momentum. We’re seeing more alignment between public policy and private sector expectations. The bottlenecks we faced are giving way to commonsense decisions. We can predict what’s happening and where the country is headed,” he noted.
He lauded the implementation of the Petroleum Industry Act (PIA), calling it a “game-changer” for policy clarity. “PIA is now easier to relate with-unlike before when policy inconsistencies were the order of the day. Private sector players like us want to invest with the confidence that policy won’t change after we’ve committed scarce resources,” he explained.
Speaking on the power sector, Adesina welcomed recent government efforts to resolve long-standing financial obligations. “We’ve seen movement on the payment of legacy debts, especially in the power sector. Once the government clears those debts, new investors will come in, and existing ones-like us-will deepen our investments. There’s life in the business again.”
Adesina also cited encouraging developments in energy transition, driven by President Tinubu’s focus on natural gas and climate-conscious initiatives. “Gas-to-power is gaining ground. We love what’s happening. We’ve invested, and we’re ready to invest more. CNG is now the order of the day-the President has made that a focal point. The carbon credit scheme is also expanding.”
Adesina concluded by expressing optimism about the future of Nigeria’s energy sector under the Tinubu administration. “We’ve had a very complex situation, and while the road ahead won’t be easy in the short term, things will improve. The foundation has been laid. It’s being worked on and re-engineered to ensure that prosperity can truly be democratised and felt by the last man, at the last mile,” he said.