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Lagos Governor Sanwo-Olu Signs Electricity Law to Drive Economic Growth

Lagos State: Governor Babajide Sanwo-Olu has formally signed the Lagos Electricity Bill into law. The signing ceremony took place at the Lagos House in Alausa, Ikeja, and was attended by Deputy Governor Kadri Hamzat, members of the State Assembly, and other members of the state executive council.

Governor Sanwo-Olu praised the State House of Assembly for its swift passage of the bill, highlighting its potential to significantly improve the socio-economic conditions of residents in Lagos State. He emphasized that this law, years in the making, would ensure a steady and reliable power supply for Lagosians.

The state’s Commissioner for Energy and Mineral Resources, Biodun Ogunleye, explained that the new law will expand Lagos State’s power grid and eliminate frequent blackouts. He also noted that a Host Community Development Trust Fund will be established to foster community-driven power plant development.

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Ogunleye described the law as a significant milestone, signaling progress towards ensuring uninterrupted power supply throughout Lagos State.

The Lagos State Electricity Law of 2024 reflects Governor Sanwo-Olu’s commitment to addressing persistent energy challenges. The law aims to create a solid foundation for economic growth by promoting industrial development, enhancing quality of life, ensuring energy equity, fostering economic prosperity, and supporting environmental sustainability.

Key provisions of the law include the creation of a well-regulated and financially viable Lagos Electricity Market, ensuring access to affordable, reliable, and sustainable electricity for all residents, and advancing diverse energy sources, particularly renewable energy. Additionally, the law encourages energy efficiency, stimulates investment and innovation, and works to electrify underserved areas, contributing to the long-term sustainable development of Lagos State

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