STATEHOUSE PRESS STATEMENT
SAHARA GROUP GMD EXPRESSES STRONG CONFIDENCE IN PRESIDENT TINUBU'S ENERGY REFORMS
Mr Kola Adesina, the Managing Director of Sahara Group, has expressed strong confidence in President Bola Ahmed Tinubu's bold energy sector reforms.
In an interview for an upcoming State House TV documentary marking the second anniversary of President Tinubu's administration, 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 Ahmed Tinubu's courage in removing the fuel subsidy and market distortions hasn't been rivalled in the history of Nigeria," he said.
Adesina noted that removing subsidies has created a more sustainable energy environment, enabling 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."
From a business standpoint, Adesina said the reforms have 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."
He commended the Tinubu administration's progress in critical infrastructure, particularly in the gas and power sectors, where the Sahara Group is 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 commonsense decisions.
We can predict what's happening and where the country is headed."
Adesina further applauded the implementation of the Petroleum Industry Act (PIA), describing it as 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."
In the power sector, Adesina welcomed recent efforts by the government 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."
He also highlighted encouraging developments in Nigeria's energy transition, driven by President 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."
He said the Tinubu administration's efforts in the last two years represent a solid foundation for Nigeria's future. The current energy landscape is anchored on reliability, accessibility, and affordability.
"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 added.
Bayo Onanuga
Special Adviser to the President,
(Information And Strategy)
May 15, 2025
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