- Governor Sanwo-Olu signs the Lagos State Electricity Bill 2024 into law, paving the way for reliable power supply.
- The new law aims to tackle energy challenges, promote renewable energy, and boost economic growth in Lagos.
Lagos State Governor Babajide Sanwo-Olu has officially signed the Lagos State Electricity Bill 2024 into law, a significant milestone toward achieving a reliable and independent power supply for the state’s residents. The signing ceremony, held on December 3rd, 2024, at the Lagos House in Alausa, Ikeja, was attended by key dignitaries, including Deputy Governor Dr. Femi Hamzat, Chairman of the Lagos State House Committee on Energy and Mineral Resources, Sabur Oluwa, Attorney General Pedro Lawal, Commissioner for Energy Biodun Ogunleye, and Commissioner for Information Gbenga Omotoso, among others.
Governor Sanwo-Olu hailed the legislation as a “watershed moment” in generating electricity across Lagos State. He emphasised that the new law would address long-standing challenges in the energy sector and lay a solid foundation for economic growth, industrial development, energy equity, and environmental sustainability.
According to Sabur Oluwa, the bill establishes a framework for creating and managing the Lagos Electricity Market, ensuring its efficiency and financial sustainability. Commissioner Biodun Ogunleye stated that implementation of the law is expected to begin within six months, contingent upon final approval from the Federal Government.
The Lagos State Electricity Law 2024 sets ambitious goals, including establishing a robust electricity market, ensuring affordable and reliable electricity access, and promoting renewable energy and energy efficiency. The law also aims to foster investment, competition, and innovation in the sector while prioritising the electrification of underserved areas.
To achieve these objectives, the law establishes several regulatory bodies. The Lagos State Electricity Regulatory Commission will oversee compliance and licensing, while the Lagos Independent System Operator will manage system reliability and operational efficiency. The Lagos State Electrification Agency will focus on expanding electricity access to underserved communities.
Special provisions within the law include the creation of electrification funds to finance projects in underserved areas and a Community Trust Fund. This fund will require licensed power-generating companies to allocate a portion of their operating expenditure toward developing host communities.
Additionally, the law establishes a Power Enforcement Unit to tackle issues such as electricity theft and infrastructure vandalism.
Governor Sanwo-Olu expressed his appreciation for the bill’s swift passage by the lawmakers, stressing that the new law would significantly enhance the socio-economic well-being of Lagos residents. Biodun Ogunleye, the state commissioner for energy, noted that the law would provide an alternative power grid for Lagos, ending frequent blackouts and ensuring a more consistent power supply. Establishing the Host Community Development Trust Fund will also create opportunities for local communities to develop power plants and improve infrastructure.
The signing of the Lagos Electricity Bill 2024 marks a transformative step in the state’s energy landscape and promises to address the electricity challenges that have long plagued the region.