The Lagos State Government has intensified plans to establish an independent electricity market.
Eko Hot News reports that the Ministry of Energy and Mineral Resources convened a stakeholders’ meeting to advance the initiative.
The engagement brought together key government agencies and industry stakeholders.
Participants included regulators, investors and private sector operators.
The meeting focused on creating a reliable and sustainable electricity system.
Discussions were guided by the Electricity Act 2023.
The Lagos Electricity Law 2024 also formed a key part of the deliberations.
These frameworks empower Lagos to regulate its electricity sector.
They provide a pathway for improved service delivery and investment.
Commissioner for Energy and Mineral Resources, Biodun Ogunleye, delivered the keynote address.
He described the reform as a major milestone for Lagos State.
According to him, the law allows the state to manage the electricity value chain.
This includes generation, transmission, distribution and supply.
Ogunleye noted that the initiative will boost efficiency in the sector.
He emphasised the importance of building a competitive electricity market.
The Commissioner highlighted key priorities for the state.
These include expanding access to reliable electricity supply.
He also stressed the importance of renewable energy development.
Energy efficiency and consumer protection were also identified as focus areas.
Ogunleye underscored the role of strong regulatory institutions.
He highlighted the Lagos State Electricity Regulatory Commission as a key player.
The agency is responsible for licensing operators and setting tariffs.
It also ensures compliance with industry standards.
The Commissioner spoke on plans to increase power generation capacity.
He noted that Lagos aims to deliver an additional 6GW of electricity.
This is expected to improve power availability across the state.
However, Ogunleye acknowledged existing challenges.
These include financing constraints and gas supply issues.
Transmission limitations and land-related concerns were also mentioned.
He noted the need for coordination with federal agencies.
Despite these challenges, the government remains committed to progress.
Ogunleye emphasised the importance of partnerships.
He noted that collaboration with investors will drive growth.
Other stakeholders contributed to the discussions.
The Senior Special Assistant on Energy, Akintunbosun Emmanuel, highlighted strategic goals.
He noted that the initiative will position Lagos as an energy-secure state.
Industry experts stressed the need for efficient operations.
They also called for improved grid stability and coordination.
Participants agreed on the importance of sustained engagement.
They emphasised the need for joint efforts across sectors.
The meeting ended with renewed commitment to reform.
Lagos State reaffirmed its focus on building a modern electricity market.
The initiative supports economic growth and improved living standards.
It also reflects the state’s dedication to sustainable development.
