Lagos State Governor Babajide Sanwo-Olu has officially signed the Lagos Electricity Bill 2024 into law at Lagos House, Alausa, Ikeja.
The new legislation represents a significant milestone in addressing energy challenges, aiming to drive industrial development, enhance quality of life, promote energy equity, and ensure environmental sustainability.
Governor Sanwo-Olu emphasized that the law establishes a solid framework for economic growth and prosperity in Nigeria’s economic hub.
The law will also promote diverse energy sources, including renewable energy, encourage energy efficiency, foster investment, competition, and innovation in the electricity sector, and help electrify underserved areas, contributing to Lagos State’s sustainable development.
Additionally, it will establish critical institutions to manage and oversee the electricity market.
Governor Sanwo-Olu highlighted several objectives of the law, including the establishment of a Lagos Electricity Market that is “technically sound, financially viable, and well-regulated, ensuring access to affordable, reliable, and sustainable electricity for all citizens.”