Lagos, Nigeria – December 3, 2024: Governor Babajide Olusola Sanwo-Olu today officially signed the Lagos Electricity Bill 2024 into law, marking a historic milestone in the state’s quest for energy reform.
The new legislation aims to tackle persistent energy challenges, promote economic growth, and improve the quality of life for Lagosians while ensuring equitable access to electricity.
Speaking at the signing ceremony, Governor Sanwo-Olu emphasized the transformative potential of the law, stating, “With this law, we take a significant step towards eliminating the electricity blackouts that have affected our state for too long”.
“This journey began back in 2021 with the Lagos State Electricity Policy, and today, we fulfil that vision with a comprehensive framework that addresses our unique electricity challenges.”
Key Provisions of the Lagos Electricity Bill 2024
The law establishes a regulated electricity market designed to provide affordable, reliable, and sustainable power. Key highlights include:
1. Diverse Energy Sources: The legislation encourages the use of various energy sources, including renewable energy, to meet the growing demand for electricity in Lagos.
2. Institutional Framework: The creation of the Lagos State Electricity Regulatory Commission and the Lagos Independent System Operator to oversee and manage the electricity market.
3. Focus on Underserved Areas: Special funds will be allocated for electrification projects aimed at underserved communities to bridge the energy gap.
4. Consumer Protection and Competition: Measures to protect consumer interests while fostering competition among energy providers.
5. Investment and Innovation: Policies to attract investment in the energy sector and encourage innovation to ensure long-term sustainability.
Governor Sanwo-Olu highlighted the strategic approach taken to develop the law, ensuring that it builds on lessons from past initiatives. He noted, “We took our time to avoid repeating past mistakes and developed a law that addresses our electricity challenges more effectively.”
The legislation’s overarching goal is to electrify every corner of Lagos, providing reliable and affordable power to residents and businesses. Governor Sanwo-Olu reaffirmed the administration’s commitment to sustainable energy solutions, stating, “Our aim is to ensure that every resident in Lagos has access to electricity that supports economic growth and enhances their quality of life.”
The signing of the Lagos Electricity Bill 2024 sets the stage for the implementation of policies and projects to address the state’s energy challenges. The newly established institutions will begin operations immediately, laying the foundation for a regulated and equitable electricity market.
As Lagos takes this bold step forward, the focus remains on fostering innovation, attracting investment, and ensuring energy equity for all residents. The legislation is poised to transform Lagos into a model for energy sustainability and reliability in Nigeria and beyond.
This development is expected to boost investor confidence, create jobs, and reduce the burden of unreliable electricity on Lagos residents. By prioritizing underserved areas, the state is also addressing long-standing inequities in energy distribution.
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