Governor of Lagos State, Babajide Sanwo-Olu has officially signed the Lagos Electricity Bill 2024 into Law in his resolve to address longstanding challenges in the sector.
The Governor who performed the signing at the Conference Room, Lagos House, Alausa Ikeja, said the law would lay a robust foundation for fostering economic and industrial growth while improving quality of life, energy equity, prosperity, and environmental sustainability.
He said the objective of the law included establishing a Lagos Electricity Market that is technically sound, financially viable, and well-regulated, ensuring access to affordable, reliable, and sustainable electricity for all citizens.
The Governor also said the law will allow establishment of critical institutions to manage and oversee the electricity market which include the Lagos State Electricity Regulatory Commission: Independent oversight for regulatory compliance and licensing.
Present at the event were members of the Executive Council among other stakeholders.