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Sanwo-Olu unveils Lagos electricity market

Attached Photo of: Sanwo-Olu unveils Lagos electricity market

Lagos State Governor Babajide Sanwo-Olu has revealed that the state will begin to generate its electricity. 

The governor said the move was in line with the recently signed bills by President Muhammadu Buhari Sanwo-Olu unveiled Lagos Electricity Market, which he says will generate about one gigawatt in 2030. 

Babajide Sanwo-Olu, has announced plans for the state to generate its electricity in line with the recently signed bills granting states autonomy in critical areas like electricity, railway, and judiciary. 

Sanwo-Olu stated that the new bills empower states like Lagos to take charge of their growth in the electricity sector.

Lagos makes the first move 

On Tuesday, March 21, 2023, he said that Bill No 33 was a historic move, granting Lagos and other states the authority to regulate electricity generation, transmission, and distribution.

"The new bills will promote efficiency, leading to better service delivery. We've been preparing for this by launching an Electricity Policy, publishing our off-grid strategy, presenting our Integrated Resource Plan, and drafting a law to establish the Lagos Electricity Market. 

We're committed to achieving 1GW of solar energy in Lagos by 2030 and have engaged with the World Bank for suitable funding. With the creation of the Lagos Electricity Market, we'll fulfil our potential as Africa's model mega city"

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