The governor of Lagos State, Mr Babajide Sanwo-Olu, yesterday signed the Lagos State Electricity Bill 2024 into law.
The legislation sets the stage for an independent power supply system that will provide reliable electricity to the Lagos residents.
Speaking during the signing ceremony, the governor said the bill is a transformative blueprint for energy equity, economic growth, and environmental sustainability.
He emphasised its alignment with Lagos State’s commitment to fostering progress and improving living standards for all residents.
He described the law as a “paradigm shift” and a “milestone” that would reshape the power landscape in Lagos, making consistent electricity a reality for both businesses and households.
Sanwo-Olu expressed his firm belief that the new law would fuel Lagos growth as a 24-hour economy, especially benefiting small and medium enterprises (SMEs).
Also speaking, the commissioner for energy and mineral resources, Mr Biodun Ogunleye said the implementation of the law will begin within six months, pending final approval from the federal government.
Besides, he said the law aims to create a safe and secure environment where residents could walk the streets at night without fear.
The Lagos State Electricity Law 2024 aims to
*Establish a technically sound, financially viable, and well-regulated Lagos Electricity Market.
*Ensure access to affordable, reliable, and sustainable electricity for all residents.
*Promote diverse energy sources, including renewable energy, and encourage energy efficiency.
*Foster investment, competition, and innovation in the electricity sector.
*Extend electricity access to underserved areas to support sustainable development.
The law also creates several regulatory bodies to manage the electricity market. They include
*Lagos State Electricity Regulatory Commission (LASERC) to ensures compliance and oversees licensing
*Lagos Independent System Operator (ISO), responsible for maintaining system reliability and operational efficiency
Lagos State Electrification Agency, tasked with expanding electricity access to underserved communities.
Electrification Funds, allocated for financing electrification projects and sustainable energy solutions in underserved areas.
Community Trust Fund, which requires power generating companies to allocate a percentage of their previous year’s operating expenditure to host community development.
Power Enforcement Unit, charged with addressing electricity theft and infrastructure damage.
The signing ceremony was attended by key officials, including the deputy governor, Dr. Femi Hamzat, chairman of the Lagos State House Committee on energy and mineral resources, Mr Sabur Oluwa, attorney general and commissioner for justice, Mr Pedro Lawal, commissioner for energy and mineral resources, Mr Biodun Ogunleye, and commissioner for information, strategy, Mr Gbenga Omotoso, alongside other prominent stakeholders from both the public and private sectors.
