Lagos State Governor Babajide Sanwo-Olu has signed the Lagos Electricity Bill 2024 into law, marking a significant milestone in the state’s quest for energy independence.
This groundbreaking legislation aims to tackle the lingering challenges in the energy sector, promoting economic growth, enhancing quality of life, and ensuring energy equity for all Lagosians.
The new law establishes a regulated electricity market, providing affordable, reliable, and sustainable power to residents.
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It encourages the utilization of diverse energy sources, fosters investment and innovation, and prioritizes electrification of underserved areas. Key institutions, such as the Lagos State Electricity Regulatory Commission and the Lagos Independent System Operator, will be created to support these goals.
Special funds will be allocated for electrification projects and community development, protecting consumer interests and encouraging competition. This move is expected to eliminate electricity blackouts that have plagued the state for years.
Governor Sanwo-Olu emphasized that the journey began in 2021 with the launch of the Lagos State Electricity Policy, which paved the way for this comprehensive law.
“The Lagos State Electricity Bill 2024 sets the stage for transformative growth in our power sector,” Sanwo-Olu stated. “Our aim is to ensure every resident has access to reliable and affordable electricity.” With this law, Lagos State takes a bold step towards achieving energy self-sufficiency, serving as a model for other states to follow.