• Thursday, July 25, 2024
businessday logo

BusinessDay

Lagos unveils new electricity industry policy

High electricity tariff crushing Nigerian public varsities

The Lagos State Government has announced the launch of its new electricity sector policy, designed to meet urban planning standards, and satisfy the demand for various social amenities while improving economic opportunities in the state.

According to the Lagos state government, the policy is expected to significantly contribute to the reduction of carbon emissions and improve the quality of life of the people of Lagos.

The new policy articulates the vision of the Lagos State government on the necessary constitutional, legal, engineering, and commercial foundations for creating a viable sub-national electricity sector that caters fully to the needs of its citizens while enabling significant socio-economic growth and development both for Lagos State and the country at large.

“Today’s unveiling of the Lagos State electricity policy is a welcome development that will significantly improve the viability of investments in the Lagos State Electricity Market. while the unveiling of this policy is laudable, the implementation is a collective one, that would require the collaboration of all stakeholders.

“Therefore, everyone has a role to play, from Government to individual residents and even corporate bodies, we all must recognize our different roles and commit to acting in good faith, only then will everyone enjoy the full benefit of this policy,” Governor Babajide Sanwo-Olu said while commending the Lagos State Commissioner for Energy and Mineral resources, Olalere Odusote and his team for their commitment towards the achievement of the state’s vision of providing reliable electricity for Lagosians at all levels.

Read also: Hurdles facing Lagos electricity market plan

Held recently at Eko Hotel, the launch of the state’s electricity policy, brought together leading stakeholders and policymakers from the power and energy sector in the state, towards the actualization of the Governor Babajide Sanwo-Olu led administration’s commitment, to ensure universal and reliable electricity access for all residents across the state.

The Lagos electricity policy will ensure that future electricity solutions are not only available but environmentally friendly with alternative power backup solutions. With its Integrated Resource Plan (IRP) in partnership with the United States Agency for International Development (USAID), according to the state government.

Describing the launch of the electricity policy as an important milestone that will accelerate the state government’s vision of making Lagos a 21st-century economy, he said “Lagos state is not just Nigeria’s most populous state, it is also the commercial centre of the country and a major centre for both domestic and international trade as well as labour mobility, we are committed to sustaining an enabling environment for an electricity market that support the huge demand that the growth in Lagos generates, and the launch of this policy is a step in the right direction towards the achievement of this goal”.