By Olasukanmi Akoni
Lagos State Governor, Babajide Sanwo-Olu, has officially signed the State Electricity Bill 2024 into law, marking a significant step towards achieving independent power supply for the state’s residents.
The signing ceremony took place on Tuesday at Lagos House, Alausa, Ikeja, attended by Deputy Governor Dr. Femi Hamzat, Chairman of the Lagos State House Committee on Energy and Mineral Resources Sabur Oluwa, Attorney General Pedro Lawal, Commissioner for Energy Biodun Ogunleye, and Commissioner for Information Gbenga Omotoso, among others.
Governor Sanwo-Olu described the legislation as a “watershed in the production and distribution of electricity” in Lagos State.
The law aims to tackle longstanding challenges in the energy sector, laying a foundation for economic growth, industrial development, energy equity, and environmental sustainability.
According to Sabur Oluwa, the bill establishes a framework for creating and administering the Lagos Electricity Market, ensuring that it operates efficiently and is financially viable.
Commissioner Biodun Ogunleye stated that implementation is expected to begin within six months, pending final approval from the Federal Government.
The Lagos State Electricity Law 2024 outlines ambitious objectives, including establishing a robust electricity market, ensuring affordable and reliable electricity access, and promoting renewable energy and energy efficiency. It also seeks to foster investment, competition, and innovation in the electricity sector while prioritising the electrification of underserved areas.
To oversee these ambitions, the law creates several regulatory institutions. The Lagos State Electricity Regulatory Commission will ensure compliance and licensing, while the Lagos Independent System Operator will oversee system reliability and operational efficiency. The Lagos State Electrification Agency will work to expand electricity access to underserved communities.
Special provisions within the law include the establishment of electrification funds to finance projects in underserved areas and a Community Trust Fund requiring licensed power-generating companies to allocate a portion of their operating expenditure towards host community development.
A Power Enforcement Unit will also address issues such as electricity theft and infrastructure vandalism.
The Lagos Electricity Law 2024 represents a comprehensive and forward-thinking approach to addressing Lagos State’s energy challenges, with the potential to transform the power landscape in Nigeria’s commercial capital.