The Lagos State Government has intensified efforts to develop a sustainable and investor-friendly electricity market through strategic stakeholder engagement.
Eko Hot News reports that the initiative was driven by the Ministry of Energy and Mineral Resources at a high-level inter-ministerial meeting focused on the Clean Lagos Electricity Market.
The engagement brought together Ministries, Departments, and Agencies, alongside regulators, investors, and private sector stakeholders.
Participants deliberated on the implementation of the Electricity Act 2023 and the Lagos Electricity Law 2024.
These laws provide the legal foundation for Lagos State to establish and regulate its own electricity market.
The Honourable Commissioner for Energy and Mineral Resources, Biodun Ogunleye, delivered the keynote address.
He described the Electricity Act 2023 as a significant reform in Nigeria’s power sector.
According to him, the Act empowers subnational governments to regulate electricity operations within their jurisdictions.
He explained that this development positions Lagos to oversee the entire electricity value chain.
This includes generation, transmission, distribution, and supply.
Ogunleye emphasised that the goal is to build a competitive and efficient electricity ecosystem.
He outlined key priorities for achieving this vision.
These include creating a financially viable electricity market and expanding access to reliable power supply.
He also highlighted the promotion of renewable energy and energy efficiency.
The Commissioner stressed the importance of protecting consumer interests.
He added that strengthening regulatory and institutional frameworks remains critical.
A key institution in this effort is the Lagos State Electricity Regulatory Commission (LASERC).
The Commission is responsible for licensing operators and setting tariffs.
It also ensures compliance with standards and promotes transparency.
Ogunleye noted that LASERC plays a central role in building investor confidence.
The State Government also aims to deliver an additional 6 gigawatts of power capacity.
However, the Commissioner acknowledged several challenges affecting the sector.
These include financing constraints and gas supply limitations.
He also mentioned transmission bottlenecks and land acquisition issues.
Regulatory overlaps with federal institutions were identified as another concern.
Despite these challenges, Ogunleye reaffirmed the government’s commitment to progress.
He stated that clear policies and public-private partnerships would drive solutions.
Other stakeholders contributed to the discussion at the engagement.
The Senior Special Assistant to the Governor on Energy, Akintunbosun Emmanuel, highlighted the importance of the 6GW initiative.
He noted that it would position Lagos as an energy-secure megacity.
Representatives of LASERC also emphasised the need for strong regulatory coordination.
They stressed the importance of financial viability and grid stability.
Efficient system operations were also identified as essential for success.
The Lagos State Independent System Operator shared insights on operational strategies.
Stakeholders agreed on the importance of collaboration across sectors.
They noted that coordinated efforts are necessary to achieve sustainable results.
The engagement concluded with a renewed commitment from the State Government.
Officials pledged to deepen collaboration with stakeholders and investors.
They also reaffirmed their dedication to ongoing reforms in the electricity sector.
The initiative reflects Lagos State’s vision for a modern power system.
It is expected to support economic growth and improve quality of life.
Residents stand to benefit from more reliable and efficient electricity supply.
The government remains optimistic about the future of the electricity market.
The engagement marks another step toward achieving energy sustainability in Lagos.
