KEY POINTS
- The government of Lagos State intends to establish five energy hubs across the city for improving electrical supply.
- The state of Lagos continues to draw private investment that works toward reshaping its electricity market structures.
- The installation of new measuring systems combined with improved infrastructure will function as a solution to prevent power outages.
Lagos State Governor Babajide Sanwo-Olu intends to build five energy hubs which will expand power distribution throughout the state.
During his appearance at the Lagos Commodities and Futures Exchange Breakfast Meeting, the investor and regulatory reforms took center stage for power infrastructure advancement.
At the Lagos Commodities and Futures Exchange Breakfast Meeting Dr. Obafemi Hamzat as Deputy Governor reiterated Sanwo-Olu’s administration’s mission to turn Lagos into an African benchmark for electricity market reform.
Sanwo-Olu focused on current work to attract investment and simplify regulations because these actions would create a business-friendly electricity market that serves all citizens.
New energy policies are being implemented
Decentralized power generation moves forward through the Lagos State Electricity Law as authorities plan to bring forward new meters that will end practice of estimating customer bills.
Furthermore Biodun Ogunleye as Commissioner for Energy and Mineral Resources announced plans to eliminate power outages through Clean Lagos Electricity Market (CLEM) which seeks to establish an organized energy market for efficiency and fairness.
Sanwo-Olu called for financial and investors to utilize energy bonds and power purchase agreements when funding massive electricity projects that would maintain reliable and steady power for Lagos State.
