Sanwo-Olu unveils Electricity Commission Board, eyes 24-hour economy

Governor of Babajide Sanwo-Olu on Monday inaugurated the board of the Lagos State Electricity Regulatory Commission, describing the move as a major step towards improving power supply and deepening investment in Lagos’ electricity market.

The ceremony took place at Lagos House Ikeja.

Sanwo-Olu charged members of the board to work in unity to strengthen the state’s power sector and help attract investors to electricity infrastructure.

He said the inauguration was part of the government’s broader effort to build a sustainable energy system and ensure that homes and businesses enjoy more dependable electricity.

The governor acknowledged that an earlier attempt to constitute the board about a year ago did not achieve the intended outcome due to internal challenges and the national commitments of some members.

However, he expressed optimism that the newly appointed team could work together to drive meaningful changes 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 explained that the establishment of the commission followed the passage of the Lagos Electricity Law by the Lagos State House of Assembly in line with the Electricity Act 2023.

According to the governor, the legislation is intended to create a transparent and investor-friendly electricity market within the state.

Sanwo-Olu added that the law also created a state electricity fund aimed at extending power supply to underserved and unserved communities, while empowering the regulatory commission to oversee electricity 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 stressed that the commission must go beyond regulation by encouraging cooperation among stakeholders and ensuring that the environment remains attractive to 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 said the government expected the regulatory framework to translate into improved electricity supply for residents and businesses across the state.

He added that the reforms were also tied to Lagos’ ambition of building a power sector capable of supporting economic expansion and a round-the-clock economy.

The governor noted that Lagos had a strategic advantage in electricity reforms because much of the operations of the two electricity distribution companies serving the state are located within its territory.

He urged the commission to ensure that Lagos becomes a reference point for electricity market reforms across the country.

“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 commitment to strengthening public lighting and energy infrastructure.

He said the state had installed more than 4,000 street lights across Lagos to improve security, stimulate night-time economic activity and enhance residents’ quality of life.

“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. and forward-looking policies could help reposition the country for sustainable growth in an increasingly uncertain global economy.