Governor Babajide Sanwo Olu has signed the Lagos Electricity Bill 2024 into law.
As stated by the Governor, on his official X page (formerly Twitter), this process began in 2021 with the launch of the Lagos State Electricity Policy, which laid the groundwork for the new legislation.
This new legislation aims to tackle the state’s perennial electricity challenges, with a focus to promote economic growth, enhance quality of life, and ensure energy equity for all Lagosians.
Sanwo-Olu said the law establishes a regulated electricity market that will supply affordable, reliable and sustainable power. It promotes adoption of various energy sources, attracts investment and innovation, and focuses on bringing electricity to underserved communities in the state, he added.
He also noted that key institutions like the Lagos State Electricity Regulatory Commission and the Lagos Independent System Operator, will be created to support these goals and ensure fair operations. The new law provides special funds to be allocated for electrification projects and community development, while protecting consumer rights and encouraging competition.
“Our aim is to ensure that every resident in Lagos has access to electricity that is reliable and affordable,” the governor said.
