Lagos State Governor, Babajide Sanwo-Olu, has disclosed plans to introduce new reforms including new electricity meters and power hubs to tackle Lagos’ power sector.
This was revealed during the Lagos Commodities and Futures Exchange Meeting at the Muson Centre, Onikan, on Friday, Sanwo-Olu represented by his deputy, Obafemi Hamzat highlighted the state’s commitment to electricity market reforms which will increase availability of power and stop estimated billing in the state.
Sanwo-Olu reaffirmed his administration’s goal of making Lagos a model for electricity market reforms in Africa by introducing new power initiatives.
Also speaking at the event was Biodun Ogunleye, Commissioner for Energy and Mineral Resources, who disclosed the Clean Lagos Electricity Market initiative, aimed at eradicating blackouts and increasing power supply.
He disclosed that this initiative will focus on advanced electricity distribution tools, enhance power delivery capacity and the construction of five energy hubs to significantly boost power generation across Lagos.
Sanwoolu later stressed that a competitive and reliable electricity market would lead to a steady power supply, reduced generator dependence, and lower costs for businesses and households.
“By so doing, the environment is clean. It is a win-win situation for all,” he stated.
He further disclosed that the Lagos State Electricity Law has allowed the government to decentralise power generation opening doors for greater private sector involvement and improved regulatory oversight.
Sanwo-Olu revealed that the government would leverage the capital market to finance large-scale energy projects through instruments like energy bonds, power purchase agreements, and electricity derivatives.
“By implementing these strategies, our aim is to build a competitive, reliable, and sustainable electricity marketplace that serves the needs of the people and businesses,” he added.