Governor Babajide Sanwo-Olu took a significant step on Monday by inaugurating the board of the Lagos State Electricity Regulatory Commission.
He described this action as crucial for enhancing power supply and fostering greater investment within Lagos’s electricity market.
The inauguration ceremony was held at Lagos House Ikeja.
Sanwo-Olu urged the board members to collaborate effectively, aiming to bolster the state’s power sector and draw in investors for electricity infrastructure development.
He explained that this inauguration is part of the government’s broader strategy to establish a sustainable energy system, ensuring that both homes and businesses benefit from more reliable electricity.
The governor acknowledged that an earlier attempt to form the board approximately a year ago did not succeed as planned, citing internal difficulties and the national commitments of some potential members.
However, he expressed confidence that the newly appointed team possesses the capability to work together and bring about meaningful transformations in the sector.
“This inauguration presents a rare opportunity for you to work collaboratively and effectively for the benefit of Lagos.
“When you work well, not only will the sector benefit but the entire residents of Lagos will benefit as well,” Sanwo-Olu said.
He clarified that the commission’s establishment follows the Lagos State House of Assembly’s approval of the Lagos Electricity Law, which aligns with the Electricity Act 2023.
According to the governor, this legislation is designed to cultivate a transparent and appealing electricity market for investors within the state.
Sanwo-Olu further noted that the law also created a state electricity fund, intended to extend power supply to communities that are currently underserved or without electricity. Additionally, it empowers the regulatory commission to oversee all electricity-related activities in Lagos.
“What we are doing today is giving light, leadership and direction to that goal through the board that we are inaugurating,” he said.
He emphasized that the commission’s role must extend beyond mere regulation, actively encouraging cooperation among stakeholders and ensuring that the environment remains attractive to potential investors.
“A regulator should not be a stumbling block to progress but an enabler that works with stakeholders to solve challenges and create a market where investment can thrive,” he said.
Sanwo-Olu conveyed the government’s expectation that this new regulatory framework would lead to improved electricity supply for residents and businesses throughout the state.
He added that these reforms are also integral to Lagos’s ambition of developing a power sector robust enough to support economic expansion and a continuous, round-the-clock economy.
The governor highlighted Lagos’s unique advantage in electricity reforms, given that a significant portion of the operations of the two electricity distribution companies serving the state are situated within its geographical boundaries.
He implored the commission to strive towards making Lagos a leading example for electricity market reforms across the nation.
“When we get it right in Lagos, other states and regulatory commissions will come to learn from us,” he said.
Sanwo-Olu also reaffirmed the government’s unwavering commitment to enhancing public lighting and energy infrastructure.
He mentioned that the state has installed over 4,000 street lights across Lagos, a measure aimed at boosting security, stimulating night-time economic activities, and improving the quality of life for residents.
“The idea of ensuring electricity on as many streets as possible is to enable a 24-hour economy and give our people the confidence that their communities are safe and well lit,” the governor said. He also suggested that forward-looking policies could help reposition the country for sustainable growth in an increasingly uncertain global economy.
