Sanwo-Olu Signs Lagos Electricity Bill into Law

Lagos Takes Charge of Power Supply with New Electricity Bill

 “There will now be regular power supply...”

Lagos State Governor Babajide Sanwo-Olu has signed the Lagos Electricity Bill into law, paving the way for improved power supply in the state.

The signing ceremony for the Lagos Electricity Bill 2024 was a significant event, attended by key stakeholders including Deputy Governor Kadri Hamzat, members of the State House of Assembly, and the state's executive council. The ceremony was held at Lagos House in Alausa, Ikeja.

Governor Babajide Sanwo-Olu commended the State Assembly for their swift passage of the bill, highlighting its potential to revolutionize the socio-economic landscape of Lagos residents. He emphasized that the bill's implementation would have a transformative impact on the state's power sector.

The Lagos Electricity Bill 2024 has been in development for several years, and Governor Sanwo-Olu expressed optimism that its implementation would ensure a steady power supply for Lagosians. This milestone marks a significant step towards addressing the state's energy challenges and improving the overall quality of life for its residents.

Biodun Ogunleye, the State Commissioner for Energy and Mineral Resources, revealed that the new law will bring about a significant transformation in Lagos' power supply. “There will now be regular power supply,” he stated, highlighting the law's potential to eliminate power outages across the state. Additionally, Ogunleye mentioned the establishment of a Host Community Development Trust fund, which will provide opportunities for communities to develop their own power plants.

According to Ogunleye, this initiative represents a major milestone in the government's efforts to ensure uninterrupted power supply in Lagos State. The new law aims to introduce an additional power grid to Lagos, which will help to reduce the state's reliance on the national grid. This move is expected to have a positive impact on the state's economy and residents' quality of life.

The Lagos State Electricity Law 2024 is a significant milestone in Governor Sanwo-Olu's efforts to address the lingering energy sector challenges in the state. This groundbreaking legislation aims to establish a solid foundation for economic growth, drive industrial development, enhance the quality of life, promote energy equity, and ensure environmental sustainability.

At its core, the Lagos State Electricity Law 2024 seeks to create a well-regulated Lagos Electricity Market that is both technically efficient and financially sustainable. The law's key objectives include providing affordable and reliable electricity to all residents, promoting the use of diverse energy sources – including renewable energy – and driving economic advancement.

Notably, the Lagos State Electricity Law 2024 is not the state's first foray into electricity sector reform. In 2018, the Lagos State Government enacted the Lagos State Electricity Sector Reform Law, which aimed to improve electricity supply, power generation, and distribution through an embedded power scheme.

The Lagos State Electricity Law 2024 has several key objectives that are designed to transform the state's electricity sector. These objectives include the creation of a well-regulated Lagos Electricity Market that is both technically efficient and financially sustainable. Additionally, the law aims to ensure that all residents have access to affordable and reliable electricity, while also promoting the use of diverse energy sources, including renewable energy.

The law's objectives extend beyond the provision of reliable and affordable electricity. It also seeks to encourage energy efficiency, attract investments, and foster competition and innovation in the electricity sector. Furthermore, the law aims to extend electrification to underserved areas, thereby contributing to Lagos State's sustainable development and improving the overall quality of life for its residents.