KEY POINTS
- The 2024 Lagos Electricity Bill promises 24-hour, reliable power for households and businesses.
- New law boosts SMEs by eliminating high energy costs and encouraging private sector involvement.
- Renewable energy initiatives will transform Lagos into Africa’s model for modern energy solutions.
Lagos State Governor Babajide Sanwo-Olu on Tuesday signed the 2024 Lagos Electricity Bill into law.
The landmark legislation aims to transition Lagos into a 24-hour economy with reliable locally sourced energy solutions.
The signing ceremony, held at the State House in Ikeja, was attended by prominent state officials, including Deputy Governor Kadir Obafemi Hamzat, Energy Committee Chairman Hon. Sabur Oluwa, and Attorney-General Lawal Pedro.
Toward energy independence
Governor Sanwo-Olu called the new law a “paradigm shift” which would transform Lagos state’s energy sector to renewable and subsistence off the national grid.
The reform promises affordable and uninterrupted power supply for the inhabitants of Lagos, marking a significant step towards addressing the chronic power challenges.
“We are reimagining the socio-economic fabric of Lagos,” Sanwo-Olu said. “This law will reshape our energy infrastructure, making consistent power a reality for households and businesses alike. Our vision is to create a global hub where power outages are a thing of the past.”
Boost for SMEs and the night economy
The governor emphasized the law’s potential to fuel Lagos’ 24-hour economy, particularly benefiting Small and Medium Enterprises (SMEs) that have long borne the high cost of alternative power sources.
“This law will ensure SMEs thrive without the financial strain of sourcing multiple power solutions,” he noted.
Additionally, improved street lighting and electricity access aim to bolster safety, allowing residents to engage in activities round-the-clock without fear.
Private sector partnerships and renewables
Lagos State Commissioner for Energy, Abiodun Ogunleye highlighted that decentralizing the power sector would pave the way for private sector involvement and renewable energy initiatives.
“This legislation not only secures our energy infrastructure but also fosters innovation through regulatory sandboxes to test emerging technologies,” Ogunleye said.
The law is expected to attract investments across the energy sector supply chain and strengthen public-private partnerships. By promoting renewable energy adoption, the government aims to establish Lagos as a model for modern energy solutions in Africa.
A brighter Lagos
“This is the dawn of a brighter Lagos,” Ogunleye declared. “An era where darkness gives way to light, and uninterrupted power supply becomes the norm.”
The signing of the 2024 Lagos Electricity Bill underscores the Sanwo-Olu administration’s commitment to achieving sustainable energy security and transforming Lagos into an economic powerhouse for Nigeria and beyond.
