- Sanwo-Olu announced the introduction of new electricity meters to eliminate estimated billing and ensure accurate charges.
- The Lagos State government is building five energy hubs to boost power capacity and end blackouts nationwide.
- The administration plans to finance large-scale energy projects through the capital market, using tools like energy bonds and power purchase agreements.
Lagos State Governor Babajide Sanwo-Olu, represented by Deputy Governor Obafemi Hamzat, addressed the Lagos Commodities and Futures Exchange Meeting at the Muson Centre, Onikan, on Friday, January 31. The meeting focused on boosting the state’s electricity sector and had the theme “Building a Competitive Electricity Marketplace: Strategies to Attract Investments and Boost Confidence in the Lagos Electricity Market Using the Capital Market.”
Sanwo-Olu announced plans to introduce new electricity meters to eliminate estimated billing and ensure accurate consumer charges. He emphasised the government’s commitment to enhancing the electricity market, reducing generator dependence, and cutting energy costs for businesses and households.
“We will introduce new meters to eliminate estimated billing and provide accurate electricity charges,” Sanwo-Olu stated.
He reaffirmed efforts to decentralise power generation in Lagos, citing the Lagos State Electricity Law as a key driver. The law encourages private sector involvement, creating a more dynamic and efficient energy marketplace.
Sanwo-Olu also outlined strategies to finance large-scale energy projects through the capital market using tools like energy bonds, power purchase agreements, and electricity derivatives. He stressed that these initiatives aim to build a competitive, reliable electricity market that serves residents and businesses.
“We will leverage the capital market to finance large-scale energy projects,” he added.
Lagos State Commissioner for Energy and Mineral Resources, Biodun Ogunleye, highlighted the government’s efforts to transform the energy sector. He spoke about the Clean Lagos Electricity Market initiative, designed to end blackouts and improve power distribution across the state. Ogunleye outlined plans to construct five energy hubs to boost power capacity significantly.
“The government will drastically increase power capacity by building five energy hubs,” Ogunleye said.
He urged the private sector and other stakeholders to support the government’s mission to improve power distribution and ensure electricity access for all areas.
Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), represented by SEC’s Executive Commissioner of Operations, Bola Ajomale, stressed the importance of collaboration between capital market operators, government agencies, and development finance institutions. He highlighted the need for cooperation to unlock the full potential of market-based financing for the electricity sector.
Agama encouraged stakeholders to strengthen collaboration to transform Nigeria’s power sector through the capital market. He assured investors that the SEC would continue implementing policies that create a secure environment for investments in the electricity market.
The meeting called for stronger partnerships to drive investments and reforms to create Lagos’s competitive, sustainable electricity marketplace. It stressed the importance of a unified approach among regulators, investors, and policymakers to achieve lasting energy reforms.
Sanwo-Olu’s administration remains focused on transforming Lagos into a model for electricity market reform, improving power supply, and fostering an environment conducive to business growth and clean energy development.