Lagos State Governor Babajide Sanwo-Olu today signed the highly anticipated Lagos Electricity Bill 2024 into law, a move aimed at addressing the state’s persistent energy challenges and laying the groundwork for a more sustainable and equitable electricity market.

The new legislation seeks to drive economic growth and enhance the quality of life for all Lagosians by ensuring reliable, affordable, and sustainable power. It establishes a regulated electricity market that encourages the use of diverse energy sources, while promoting innovation, investment, and electrification of underserved communities.

Among the key provisions of the law are the establishment of the Lagos State Electricity Regulatory Commission and the Lagos Independent System Operator. The legislation also earmarks special funds for electrification projects and community development, with a focus on protecting consumer interests and fostering healthy competition within the sector.

Governor Sanwo-Olu emphasized that this law marks a significant step towards eliminating the frequent electricity blackouts that have plagued the state for years. “We took our time to avoid repeating past mistakes and developed a comprehensive law that addresses our electricity challenges more effectively,” he stated.

The journey towards this milestone began in 2021, when the Lagos State Electricity Policy was launched to lay the foundation for the new legislation. Governor Sanwo-Olu reiterated that the law reflects the state’s commitment to providing reliable and affordable electricity to every resident, ultimately positioning Lagos as a model for energy sustainability in Nigeria.