Governor Babajide Sanwo-Olu has signed the Lagos Electricity Bill 2024 into law, marking a significant milestone in the state’s efforts to address its energy challenges. This new legislation aims to promote economic growth, enhance quality of life, and ensure energy equity for all Lagosians.
The law establishes a regulated electricity market that will provide affordable, reliable, and sustainable power. It encourages the use of diverse energy sources, fosters investment and innovation, and focuses on electrifying underserved areas. Key institutions created by the law include the Lagos State Electricity Regulatory Commission and the Lagos Independent System Operator .
Special funds will be allocated for electrification projects and community development, while also protecting consumer interests and encouraging competition. This law is a significant step towards eliminating the electricity blackouts that have affected Lagos for too long.
The journey to this moment began in 2021 with the launch of the Lagos State Electricity Policy. The state took its time to develop a comprehensive law that addresses its electricity challenges more effectively. The goal is to ensure that every resident in Lagos has access to reliable and affordable electricity.
