Lagos State Governor Babajide Sanwo-Olu has signed the Lagos Electricity Bill 2024 into law.
The signing ceremony took place on Tuesday at the Conference Room of Lagos House, Alausa Ikeja, marking a critical step toward addressing longstanding challenges in the state’s energy sector.
The Lagos Electricity Law 2024 is a cornerstone of the governor’s commitment to fostering industrial growth, improving quality of life, and promoting energy equity, economic prosperity, and environmental sustainability in Africa’s largest city.
The newly signed law is designed to create a technically sound, financially viable, and well-regulated Lagos Electricity Market.
Its key objectives include: ensuring access to affordable, reliable, and sustainable electricity for all citizens and promoting diverse energy sources, including renewable energy, and encouraging energy efficiency.
Other objectives are attracting investment, fostering competition, and driving innovation within the electricity sector and electrifying underserved areas to support sustainable development.
Futhermore, the Lagos Electricity Law 2024 establishes several critical institutions to manage and regulate the electricity market which includes Lagos State Electricity Regulatory Commission, an independent body to oversee regulatory compliance and licensing.
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Others are Lagos Independent System Operator (ISO) that will ensure system reliability and operational efficiency and Lagos State Electrification Agency aimed to expand electricity access to underserved communities.
The law also provides for the creation of special funds which are Electrification Funds for financing sustainable energy projects in underserved areas, Host Community Development Fund and Licensed power-generating companies will allocate a percentage of their operating expenditure to benefit their host communities.
To enhance enforcement, a Power Enforcement Unit will address issues like electricity theft and damage to infrastructure.
Governor Sanwo-Olu emphasised that the Lagos Electricity Law 2024 is more than just a policy—it’s a strategic roadmap for energy reform in Lagos State.
By fostering investment, enhancing energy access, and prioritising renewable energy solutions, the administration aims to position Lagos as a leader in sustainable energy innovation in Nigeria and beyond.
More details on the implementation strategies and timelines for these initiatives will be unveiled in the coming weeks.
