Lagos State Governor, Babajide Sanwo-Olu, has signed the 2024 Electricity Bill into law, signaling a major shift in the state’s power landscape. The new legislation aims to enhance energy generation through diverse sources, including renewable energy, while fostering energy efficiency, investment, competition, and innovation in the sector.
Speaking at the signing ceremony in Ikeja, Governor Sanwo-Olu described the law as a groundbreaking move that would ensure reliable electricity for both businesses and households. He emphasized that the law marks a departure from the state’s heavy reliance on the national grid, positioning Lagos to adopt more sustainable and locally generated energy solutions.
“This is a transformative step that will reshape the future of electricity supply in Lagos. With this law, we are making steady and reliable power a reality, which is crucial for our economic growth and the well-being of our residents,” Sanwo-Olu stated.
The governor credited the successful passage of the bill to collaborative efforts, commending lawmakers for their dedication over the past year in crafting a forward-thinking law aimed at accelerating Lagos’ development and economic prosperity.
Abiodun Ogunleye, the Commissioner for Energy and Mineral Resources, highlighted that the law would decentralize the electricity market, opening doors for private sector participation and modern energy solutions. He noted that the legislation would not only strengthen infrastructure security but also encourage innovation through regulatory sandboxes designed to test new technologies.
Additionally, the law establishes key institutions to oversee the electricity sector, including the Lagos State Electricity Regulatory Commission, Lagos Independent System Operator, Lagos State Electrification Agency, and the Special Funds and Power Enforcement Unit. These bodies will manage the electricity market, tackle issues such as power theft, and protect infrastructure from vandalism.
Governor Sanwo-Olu expressed optimism that this legal framework would attract significant investments and drive the sustainable development of Lagos, ensuring energy access for underserved areas across the state.
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