Lagos State Governor Babajide Sanwo-Olu has officially signed the Lagos Electricity Bill 2024 into law, marking a transformative step towards addressing the state’s longstanding energy challenges. The signing ceremony took place today at the Lagos House, Alausa, Ikeja, in the presence of key stakeholders
A Game-Changer for Lagos’ Energy Sector
The Lagos Electricity Law 2024 is a comprehensive framework designed to establish a sustainable, reliable, and inclusive electricity market. Governor Sanwo-Olu emphasized that the law underscores his administration’s commitment to fostering industrial growth, energy equity, and environmental sustainability in Africa’s largest megacity.
“This is not just about electricity,” the governor stated. “It is about economic growth, improved quality of life, and ensuring Lagos remains a beacon of progress and innovation.”
Key Objectives of the Law
The law aims to:
• Develop a technically sound, financially viable, and well-regulated Lagos Electricity Market.
• Ensure affordable, reliable, and sustainable electricity access for all Lagosians.
• Promote renewable energy and energy efficiency across the state.
• Attract investments, foster competition, and drive innovation in the electricity sector.
• Electrify underserved and unserved areas, contributing to Lagos’ sustainable development goals.
New Institutions to Oversee the Sector
To implement these ambitious objectives, the law establishes key institutions:
1. Lagos State Electricity Regulatory Commission: Independent body for regulatory compliance and licensing.
2. Lagos Independent System Operator (ISO): Ensures system reliability and operational efficiency.
3. Lagos State Electrification Agency: Focused on expanding access to electricity in underserved communities.
4. Special Funds:
• Electrification Funds: Financing projects in underserved areas.
• Community Trust Fund: Requiring power-generating companies to allocate a portion of their operating expenses to develop host communities.
5. Power Enforcement Unit: Tackling electricity theft, vandalism, and infrastructure damage.
A Vision for the Future
The Lagos Electricity Law 2024 is part of Governor Sanwo-Olu’s “Greater Lagos Rising” agenda, which prioritizes infrastructure development and sustainable growth. Experts anticipate that the law will attract significant investments, accelerate industrialization, and improve the quality of life for millions of Lagos residents.
With this groundbreaking legislation, Lagos is poised to set a benchmark for energy reform in Nigeria and beyond.
Read Also: Federal Government Implements 300% Increase in Electricity Tariffs, Effective Immediately
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