Following the liberalization of the provision of electricity law in Nigeria, the Governor of Lagos State, Mr. Babajide Sanwo-olu, has signed the Lagos Electricity Bill 2024 into law.
Speaking during the signing ceremony in Lagos on Tuesday, Governor Sanwo-olu, stated that the new legislation will tackle the ongoing challenges in the energy sector, aiming to promote economic growth, enhance quality of life, and ensure energy equity for all Lagosians.
“The law establishes a regulated electricity market that will provide affordable, reliable, and sustainable power. It encourages the use of diverse energy sources, fosters investment and innovation, and focuses on electrifying underserved areas.
“To support these goals, the law creates key institutions such as the Lagos State Electricity Regulatory Commission and the Lagos Independent System Operator. Special funds will be allocated for electrification projects and community development, while also protecting consumer interests and encouraging competition,” he said.
According to him, with this law, the state will take a significant step towards eliminating the electricity blackouts that have affected the state for too long.
He explained that the the journey began back in 2021 when the state launched the Lagos State Electricity Policy in preparation for this moment and took time to avoid repeating past mistakes and developed a comprehensive law that addresses the electricity challenges more effectively.
“Our aim is to ensure that every resident in Lagos has access to electricity that is reliable and affordable,” the statement by the state government quoted the governor as saying.
GIK/APA