Governor Babajide Sanwo-Olu of Lagos State has officially signed the Lagos Electricity Bill 2024 into law, marking a significant development in the state’s energy sector.
The ceremony took place at the Lagos House in Alausa, Ikeja.
The new law is part of Governor Sanwo-Olu’s broader agenda to foster economic growth, enhance quality of life, and promote environmental sustainability through improved energy solutions.
Its primary goal is to establish a technically sound, financially viable, and well-regulated Lagos Electricity Market, ensuring that all citizens have access to affordable, reliable, and sustainable electricity.
It also aims to encourage the use of renewable energy sources and energy efficiency, while promoting investment, competition, and innovation in the energy sector.
Key aspects of the law include the establishment of various institutions, such as the Lagos State Electricity Regulatory Commission, which ensures regulatory oversight and compliance, and the Lagos Independent System Operator, tasked with maintaining system reliability.
The Lagos State Electrification Agency will focus on extending electricity access to underserved communities.
Additionally, the law creates special funds, including the Electrification Fund, which supports sustainable energy projects in underserved areas, and the Host Community Development Fund, which requires power generators to allocate part of their funds to community development.
A Power Enforcement Unit will also tackle issues like electricity theft, vandalism, and infrastructure damage.
Governor Sanwo-Olu highlighted that the law is a strategic framework for driving industrial growth, economic prosperity, and energy equity in Lagos.
It is designed to promote renewable energy adoption and private-sector investment, positioning Lagos as a leader in sustainable energy solutions in Nigeria.
With this new legislation, Lagos State aims to make significant strides toward achieving universal energy access, encouraging innovation, and ensuring a sustainable energy future for its residents.
