The Lagos State Governor, Babajide Sanwo-Olu, has signed the Lagos Electricity bill 2024 into law, to improve power supply and achieve a 24-hour economy in the state.
Sanwo-Olu said that the new law is a paradigm shift from the current status, giving Lagosians better access to affordable, reliable, and sustainable electricity across the state.
The governor signed the bill into law on Tuesday during a short ceremony at the State House, Ikeja which was attended by the Deputy Governor, Dr. Obafemi Hamzat, Chairman on Energy committee, Hon. Sabur Oluwa, Attorney-General and Commissioner for Justice, Lawal Pedro, and others.
Under the new law, the state government will have less dependency on the national grid, and provide power supply for the development of their states.
Addressing guest at the signing ceremony which include stakeholders from private sector, Sanwo-Olu assured Lagosians that the bill, which was painstakingly put together by the lawmakers, will aid the transformation of Lagos into a global city where uninterrupted power supply becomes a norm.
He noted that the law will change the socio-economic lifestyle of Lagosians, saying through the law, we will have improvement in energy infrastructures and achieve a more better society.
“We want to make Lagos a 24-hour economy where all businesses status particularly the Small and Medium Enterprises (SMEs) can operate without having to spend their funds on sourcing for different alternative power supply. We want a Lagos economy where SMEs can do business and grow effectively without relying on three sources of power supply.
“Our aim is to light-up Lagos for residents to walk anytime at night without nursing any fear. That is the Lagos that we are working daily to achieve as well as sustain and through this bill we aim to achieve that.
Meanwhile, the governor commended the lawmakers for passing the bill, saying I want to thank the lawmakers for painstaking working on the bill to ensure continuous development of Lagos and achieve a better economy.
Earlier, the Commissioner for Energy and Mineral Resources, Abiodun Ogunleye, stated that the law decentralised the electricity market and encourages investment in modern energy solutions.
Ogunleye added that would aid infrastructure security and reliability as well as facilitate innovation through
regulatory sandboxes for testing new technologies.
According to him, the Lagos State Electricity Law 2024 is not just a legislative milestone; it is a statement of the Babajide Sanwo-Olu administration’s resolve to empower Lagosians with reliable energy, fostering industrial growth, economic prosperity, and environmental sustainability.
“Today, Lagos will step into a new era—an era where darkness gives
way to light and the promise of uninterrupted electricity becomes a reality for millions. This is the dawn of abrighter Lagos, a testament to the transformative power of visionary leadership.
“The law will foster public-private partnerships to deliver affordable and sustainable energy. And promote the adoption of renewable energy to achieve environmental sustainability.
“Through the law, we will be creating and encouraging an enabling and robust environment to attract critical investments into all levels of the sector’s supply chain”.
