Lagos State has achieved a major milestone in energy reform with Governor Babajide Sanwo-Olu’s signing of the Lagos Electricity Bill 2024 into law. The historic event, held at the Lagos House, Alausa Ikeja, was led by the Governor, alongside Deputy Governor Dr. Obafemi Hamzat. Among the dignitaries present were the Chairman of the Lagos State House Committee on Energy, Hon. S.A.B. Oluwa; Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye; Permanent Secretary of the Ministry of Energy and Mineral Resources, Engr. Kosegbe Abiola; and the General Manager of the Lagos State Electricity Board (LSEB), Engr. K.A.T. Balogun. This groundbreaking legislation transitions the Lagos State Electricity Board into the Lagos State Electrification Agency, expanding its role in driving sustainable energy access.
The Lagos Electricity Law 2024 establishes a robust framework to address longstanding challenges in the energy sector, ensuring reliable, affordable, and sustainable electricity for all residents. It envisions a well-regulated and technically sound Lagos Electricity Market, fostering financial viability and environmental sustainability. By encouraging investments, competition, and innovation, the law will electrify underserved communities, support industrial growth, and enhance the quality of life across Lagos State.
A cornerstone of the law is the creation of key institutions to oversee and regulate the electricity market. These include the Lagos State Electricity Regulatory Commission for licensing and compliance, the Lagos Independent System Operator (ISO) to ensure grid reliability, and the Lagos State Electrification Agency to expand access to electricity. Additionally, the law introduces special funds, such as the Electrification Fund and the Host Community Development Fund, to finance projects and support the development of host communities.
Governor Sanwo-Olu described the law as a transformative blueprint for energy equity, economic growth, and environmental sustainability. He emphasized its alignment with Lagos State’s commitment
