Sanwo-Olu Signs Lagos Electricity Bill 2024 Into Law

Governor Babajide Sanwo-Olu has signed the Lagos Electricity Bill 2024 into law.

Sanwo-Olu disclosed this in a statement on Tuesday evening.

According to him, “this new legislation tackles the ongoing challenges in our energy sector, aiming to promote economic growth, enhance quality of life, and ensure energy equity for all Lagosians.”

He added: 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.

“To support these goals, the law creates key institutions such as 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.”

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He said with this law, the state has taken a significant step towards eliminating the electricity blackouts that have affected the state for too long.

“This journey began back in 2021 when we launched the Lagos State Electricity Policy in preparation for this moment. We took our time to avoid repeating past mistakes and developed a comprehensive law that addresses our electricity challenges more effectively,” he said.

“Our aim is to ensure that every resident in Lagos has access to electricity that is reliable and affordable,” he concluded.