Lagos State Governor, Babajide Sanwo-Olu, announced plans to construct five energy hubs aimed at significantly enhancing the state’s electricity capacity. Speaking at the Lagos Commodities and Futures Exchange Breakfast Meeting on the Importance of the Energy Bill to the Capital Market, held at the Muson Centre in Onikan, Lagos, Sanwo-Olu emphasized the need for collaboration among stakeholders to leverage the capital market for growth in the energy sector.
Represented by Deputy Governor Dr. Obafemi Hamzat, Sanwo-Olu stated that his administration is committed to transforming Lagos into a model for electricity market reform in Africa. He highlighted the government’s efforts to foster private sector involvement, improve regulatory oversight, and bolster investor confidence in the electricity market.
‘As Nigeria’s economic nerve center, Lagos recognizes the importance of a reliable, competitive, and investor-friendly electricity market. We are dedicated to creating an environment conducive to investments in power infrastructure and renewable energy solutions,” Sanwo-Olu remarked.
The governor stressed the importance of structured platforms that allow both local and international investors to finance large-scale energy projects through various financial instruments, including energy bonds and power purchase agreements. He called on financial institutions, investors, and policymakers to work together to build a sustainable electricity marketplace that meets the needs of residents and businesses.
Sanwo-Olu also noted that the Lagos State Electricity Law is paving the way for decentralized power generation and increased private sector participation, with plans to eliminate estimated billing by introducing new meters across the state.
Earlier, Biodun Ogunleye, Lagos State Commissioner for Energy and Mineral Resources, revealed that the Clean Lagos Electricity Market (CLEM) initiative aims to eradicate blackouts by implementing systemic changes to the state Electricity Bill. This includes establishing strong market institutions and attracting new investments to ensure widespread and equitable power distribution.
