The Lagos State government in Nigeria is targeting improved power supply with a new electricity bill signed into law by the Governor. The new law seeks to establish a Lagos Electricity Market that is technically sound, financially viable, and well-regulated. This is to ensure access to affordable, reliable, and sustainable electricity for all citizens.
In addition, the new law seeks to promote diverse energy sources, encourage energy efficiency, foster investment, competition, and innovation in the electricity sector and electrify underserved areas.
At the signing ceremony today, Governor Babajide Sanwoolu thanked the State House of Assembly for giving the bill an accelerated hearing noting that the new law will address the erratic power supply in the state.
Also speaking, the state Commissioner for Energy and Mineral Resources, Biodun Ogunleye, said the electricity law signed will provide an additional grid for Lagos State, and also put an end to blackout in the state.
The new electricity law comes on the back of the Electricity Act 2023 signed into law by President Bola Tinubu. This new law gives some powers to states to grant licenses and generate power. It also allocates five percent of the previous year’s actual annual operating expenditures of power generating companies for the advancement of their respective host communities.
