At UNGA Sanwo-olu tells investors Lagos requires 9,000MW to unlock potential

At the United Nations General Assembly (UNGA) in New York, United States, governor of Lagos State, Babajide Sanwo-olu, has told global investors that Lagos, Nigeria’s commercial hub, requires 9,000 megawatts of electricity to unlock its economic potential.

Sanwo-olu, who addressed a corporate forum on Africa at the 74th session of the UNGA ongoing in New York, also being attended by top business moguls from Nigeria, said meeting the Lagos’ power requirement would instantly open caged opportunities in the industrial sector, bolster small and medium-scale enterprises and increase of lives of the over 21 million population.

He wooed investors at the forum, assuring his administration’s readiness to partner the private sector for investment in clean energy to enable Lagos transform to a 21st century economy that is technology-driven.

Sanwo-olu said his administration was already reviewing the state’s Public-private Partnership (PPP) policy, with the objectives to boost investors’ confidence, maximise returns on investment and drive investments in critical sectors of the state’s economy.

Read also: SEC says new products will deepen capital market 

“Lagos is a peculiar city among megacities in the world. It is the smallest state in Nigeria in terms of land size, but the most populous in terms of demography. One- third of Lagos land is covered by water, while the large population of humans is left to occupy about 4,000 square metres of dry land size.

“As the fifth largest economy in Africa, Lagos accounts for the 60 per cent of Nigeria’s GDP, in which manufacturing sector accounts for about 30 per cent. Despite this potential, we have energy deficiency of about 9,000 megawatts, which is required to give the economy the needed support for more growth. We are open to investment in independent power generation to address energy deficit, which would help to fully unlock opportunities in tourism sector, infrastructure and technology business.”

Sanwo-olu at the event presented his administration’s six pillars of development, under the acronym project ‘T.H.E.M.E.S,’ to the international audience, saying this had been designed to readily expose critical areas and the opportunities in each of them.

Sanwo-olu also spoke about how technology and innovation had been changing the face of land transportation in Lagos, especially with the introduction of flexible services in commercial motorcycle operations and cab business to support rapid movement of people.

He disclosed that the state government would also be introducing policies to guide the innovation in its transport sector, with the aim to further promote safety of the users and protect investment of the investors.