Kola Adesina, the managing director of Sahara Group, has expressed confidence in President Bola Tinubu’s energy sector reforms.
In an interview for an upcoming State House documentary marking the second anniversary of Mr Tinubu’s administration, Mr Adesina lauded the government’s policies for improving transparency, regulatory consistency, and expanding investment opportunities.
“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 Tinubu’s courage in removing the fuel subsidy and market distortions hasn’t been rivalled in the history of Nigeria,” he said.
In a statement on Thursday, Bayo Onanuga, the president’s spokesman, said Mr Adesina noted that removing subsidies had created a more sustainable energy environment.
He said this has enabled businesses and policymakers to plan more confidently and clearly.
“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,” Mr Adesina said.
From a business standpoint, he said the reforms had unlocked access to fair competition and significantly boosted 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,” the energy expert added.
He commended the Tinubu administration’s progress in critical infrastructure, particularly in the gas and power sectors, where the Sahara Group was active.
“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 common sense decisions. We can predict what’s happening and where the country is headed,” he noted.
Mr Adesina further applauded implementing the Petroleum Industry Act (PIA), describing it as a game-changer for policy clarity. He said PIA had become easier to relate to, unlike before, when policy inconsistencies were the order of the day.
In the power sector, Mr Adesina welcomed recent efforts by the government to resolve long-standing financial obligations.
He also highlighted encouraging developments in Nigeria’s energy transition, driven by Mr Tinubu’s focus on natural gas and climate-conscious solutions.
“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,” Mr Adesina said.
He said the Tinubu administration’s efforts in the last two years represented a solid foundation for Nigeria’s future, and that the current energy landscape was anchored on reliability, accessibility and affordability.
(NAN)
