By Dansu Peter Gov. Babajide Olusola Sanwo-olu signing the Lagos State Electricity Bill Into Law Lagos State Governor Babajide Sanwo-Olu ha...
By Dansu Peter
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| Gov. Babajide Olusola Sanwo-olu signing the Lagos State Electricity Bill Into Law |
Lagos State Governor Babajide Sanwo-Olu has officially signed the Lagos Electricity Bill 2024 into law, marking a significant milestone in the state’s efforts to address longstanding energy challenges.
Speaking at the signing ceremony, Governor Sanwo-Olu described the legislation as a game-changer for Lagos, aimed at promoting economic growth, enhancing the quality of life, and ensuring equitable energy access for all residents.
“This law establishes a regulated electricity market that prioritizes affordable, reliable, and sustainable power. It paves the way for the adoption of diverse energy sources, encourages investment and innovation, and targets electrification in underserved areas,” Sanwo-Olu stated.
The new law also creates two pivotal institutions: the Lagos State Electricity Regulatory Commission and the Lagos Independent System Operator. These bodies will oversee market regulation, infrastructure development, and consumer protection. Additionally, special funds have been earmarked for electrification projects and community development initiatives, ensuring that no part of the state is left behind.
Governor Sanwo-Olu highlighted the importance of this legislation in the context of Lagos State’s broader energy strategy. “This journey began in 2021 with the launch of the Lagos State Electricity Policy. We took a deliberate and methodical approach to avoid past mistakes, resulting in a comprehensive law that addresses our electricity challenges more effectively,” he said.
The governor expressed optimism that the new framework would significantly reduce power outages and provide residents with reliable and affordable electricity. He reiterated the government’s commitment to creating an enabling environment for competition and innovation in the energy sector.
With the signing of the Lagos Electricity Bill 2024, Lagos State takes a major step toward achieving its goal of universal electricity access and fostering sustainable development across the state.
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