Lagos State Governor Babajide Sanwo-olu has signed the Lagos State Electricity Bill 2024 into lawIn a press statement released on Tuesday, the new legislation aims to address ongoing challenges in the energy sector and ensure energy equity for Lagosians.
The statement further said the law which establishes a regulated electricity market aims to provide affordable, reliable, and sustainable power in the state with a view to encouraging the use of diverse energy sources, fostering investment and innovation.
The new state electricity law according to the statement is also designed to take significant steps towards eliminating incessant blackouts in Lagos state.
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The origin of the new law dates back to 2021 when the state government launched the Lagos state electricity policy document. With this development, Lagos state has joined states like Abia and Enugu in taking advantage of the new national electricity law which empowers sub national government to explore the business opportunities in the electricity sector in the areas of generation and distribution.
(Editor: Oloyede Oworu)
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