Lagos State Governor Babajide Sanwo-Olu has officially signed the State Electricity Bill 2024 into law, marking a significant step towards achieving an independent power supply for the state’s residents.
Governor Sanwo-Olu described the legislation as a “watershed in the production and distribution of electricity” in Lagos State.
The law aims to tackle longstanding challenges in the energy sector, laying a foundation for economic growth, industrial development, energy equity, and environmental sustainability.
According to him,; the bill establishes a framework for creating and administering the Lagos Electricity Market, ensuring that it operates efficiently and is financially viable.
Commissioner Biodun Ogunleye stated that implementation is expected to begin within six months, pending final approval from the Federal Government.
The Lagos State Electricity Law 2024 outlines ambitious objectives, including establishing a robust electricity market, ensuring affordable and reliable electricity access, and promoting renewable energy and energy efficiency. It also seeks to foster investment, competition, and innovation in electricity while prioritizing the electrification of underserved areas.
To oversee these ambitions, the law creates several regulatory institutions. The Lagos State Electricity Regulatory Commission will ensure compliance and licensing, while the Lagos Independent System Operator will oversee system reliability and operational efficiency. The Lagos State Electrification Agency will work to expand electricity access to underserved communities.
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Special provisions within the law include the establishment of electrification funds to finance projects in underserved areas and a Community Trust Fund requiring licensed power-generating companies to allocate a portion of their operating expenditure towards host community development.
A Power Enforcement Unit will also address issues such as electricity theft and infrastructure vandalism.
The Lagos Electricity Law 2024 represents a comprehensive and forward-thinking approach to addressing Lagos State’s energy challenges, with the potential to transform the power landscape in Nigeria’s commercial capital.
