The Lagos State Government has announced the launch of its new electricity sector policy, which is intended to meet urban planning standards, meet the demand for various social amenities, and improve economic opportunities in the state.
The launch of the state’s electricity policy, held at the Eko Hotels, brought together leading stakeholders and policymakers from the state’s power and energy sectors, in order to actualize the Governor Babajide Sanwo-Olu-led administration’s commitment to ensure universal and reliable electricity access for all residents across the state.
Defining the policy, The Lagos State Executive Governor, Mr Babajide Sanwo-Olu, praised the Lagos State Commissioner for Energy and Mineral Resources, Mr Olalere Odusote, and his team for their dedication to achieving the Lagos State’s vision of providing reliable electricity to Lagosians at all levels.
“The release of the Lagos State Electricity Policy today is a welcome development that will significantly improve the viability of investments in the Lagos State Electricity Market.” While the announcement of this policy is commendable, its implementation will necessitate the collaboration of all stakeholders.
As a result, everyone has a role to play, from the government to individual residents and even corporate bodies; we must all recognize our respective roles and commit to acting in good faith; only then will everyone reap the full benefits of this policy.”
The event included a panel session attended by policymakers, business leaders, government representatives, and leading investors from the state’s public and private sectors, with discussions centered on implementing a holistic solution that provides clean, adequate, and reliable electricity supply within the state’s geographical territory.
During the launch, the Honorable Commissioner for Energy and Mineral Resources of Lagos State, Mr Olalere Odusote, described the policy as an important milestone that will accelerate the state government’s vision of transforming Lagos into a 21st-century economy.
“Lagos state is not only Nigeria’s most populous state; it is also the country’s commercial center and a major center for both domestic and international trade as well as labor mobility; we are committed to sustaining an enabling environment for an electricity market that supports the enormous demand that Lagos’ growth generates, and the launch of this policy is a step in the right direction towards achieving this goal.”
The new policy articulates the Lagos State government’s vision for the necessary constitutional, legal, engineering, and commercial foundations for establishing a viable sub-national electricity sector that fully meets the needs of its citizens while enabling significant socioeconomic growth and development for both Lagos State and the country as a whole.
The Lagos electricity policy also ensures that future electricity solutions are not only available, but also environmentally friendly, with backup power solutions. The policy is expected to significantly contribute to the reduction of carbon emissions and improve the quality of life of Lagos residents through its Integrated Resource Plan (IRP), developed in collaboration with the United States Agency for International Development (USAID).