The Governor of Lagos State, Mr. Babajide Sanwo-Olu has signed the ‘Lagos Electricity Bill 2024’ into law.
Mr. Sanwo-Olu, who disclosed this on X (formerly Twitter) on Tuesday noted that the new legislation tackles the ongoing challenges in the state’s energy sector, thereby aiming to promote economic growth, enhance quality of life, and ensure energy equity for all Lagosians.
“The law establishes a regulated electricity market that will provide affordable, reliable, and sustainable power. It encourages the use of diverse energy sources, fosters investment and innovation, and focuses on electrifying underserved areas.
“To support these goals, the law creates key institutions such as the Lagos State Electricity Regulatory Commission and the Lagos Independent System Operator. Special funds will be allocated for electrification projects and community development, while also protecting consumer interests and encouraging competition,” he stated.
According to him, Lagos is taking a significant step with the law towards eliminating the electricity blackouts that have affected the state for too long.
“This journey began back in 2021 when we launched the Lagos State Electricity Policy in preparation for this moment,” the governor recounted, adding that “we took our time to avoid repeating past mistakes and developed a comprehensive law that addresses our electricity challenges more effectively.”
He further mentioned that his administration’s aim is to ensure that every resident in Lagos has access to electricity that is reliable and affordable.
