Lagos state Governor, Mr Babajide Sanwo-Olu, has signed the 2024 Lagos Electricity Bill into law, setting the stage for a revolution in power supply.
The law will also promote diverse energy sources, including renewable energy, encourage energy efficiency, foster investment, competition and innovation in the electricity sector and electrify underserved areas, thereby contributing to the sustainable development of the State.
At the ceremony in the Lagos House, Ikeja, Governor Sanwo-Olu described the law as a paradigm shift that would reshape the power landscape in the state adding that its implementation would make consistent electricity a reality for both businesses and households.
Governor Sanwo-Olu noted that the new law marks a departure from the state’s previous reliance on the national grid, and instead shifting towards more sustainable and locally sourced energy solutions.
Governor Sanwo-Olu hailed the passage of the law as a triumph of collaboration, expressing appreciation to the lawmakers for their diligent work in crafting a bill in the last twelve months, that would drive Lagos’ continued development and economic prosperity.
Commissioner for Energy and Mineral Resources, Mr Abiodun Ogunleye, said that the law would decentralise the electricity market, encourage modern energy solutions and private sector investment.
He explained that the legislation would not only bolster infrastructure security, but also create opportunities for innovation, with regulatory sandboxes designed to test emerging technologies.
The law will also establish critical institutions to manage and oversee the electricity market, such as Lagos State Electricity Regulatory Commission, Lagos Independent System Operator, Lagos State Electrification Agency, Special Funds and Power Enforcement Unit which will address issues of electricity theft, damage and theft of infrastructure.
