In a landmark development for Lagos State’s energy sector, Governor Babajide Sanwo-Olu today signed the Lagos Electricity Bill 2024 into law, ushering in a new era of energy access, affordability, and sustainability. The signing ceremony marked a significant step towards addressing the state’s longstanding power challenges and fostering economic growth.
Speaking at the event, Governor Sanwo-Olu emphasized the transformative potential of the legislation. “This new law tackles the ongoing challenges in our energy sector, aiming to promote economic growth, enhance quality of life, and ensure energy equity for all Lagosians,” he stated.
The Lagos Electricity Law 2024 establishes a regulated electricity market designed to deliver affordable, reliable, and sustainable power across the state. It encourages the adoption of diverse energy sources, spurs private investment, and drives innovation. Special attention is given to electrifying underserved areas, bridging energy gaps in marginalized communities.
To implement its ambitious goals, the law creates key institutions, including the Lagos State Electricity Regulatory Commission (LASERC) and the Lagos Independent System Operator (LISO). These bodies will oversee market regulation, promote healthy competition, and safeguard consumer interests. Additionally, special funds will be allocated to support electrification projects and community development initiatives.
Governor Sanwo-Olu highlighted the careful planning that went into crafting the law. “This journey began back in 2021 when we launched the Lagos State Electricity Policy in preparation for this moment. We took our time to avoid repeating past mistakes and developed a comprehensive law that addresses our electricity challenges more effectively,” he noted.
He expressed optimism that the law would significantly reduce electricity blackouts, which have hindered the state’s progress for decades. “With this law, we take a significant step towards eliminating the electricity blackouts that have affected our state for too long. Our aim is to ensure that every resident in Lagos has access to electricity that is reliable and affordable,” the governor concluded.
The signing of the Lagos Electricity Bill 2024 reinforces the state’s commitment to leading Nigeria’s energy transition. With this progressive step, Lagos is set to become a model for energy reform, fostering a sustainable and inclusive future for all its residents.
