Business
Sanwo-Olu: Lagos on Track to Become Africa’s Energy Transformation Model
Lagos State Governor, Mr. Babajide Sanwo-Olu, has reaffirmed his administration’s commitment to positioning Lagos as a model for electricity market transformation in Africa.
Speaking at the Lagos Commodities and Futures Exchange Breakfast Meeting on the Importance of the Energy Bill to the Capital Market, themed “Building a Competitive Electricity Marketplace: Strategies to Attract Investments and Boost Confidence in the Lagos Electricity Market Using the Capital Market,” Sanwo-Olu emphasized the state’s dedication to driving energy sector reforms and investment growth.
Lagos’ Vision for a Competitive Electricity Market
Represented by Deputy Governor Dr. Kadri Obafemi Hamzat, Sanwo-Olu stated that the government is implementing strategic policies to:
“As Nigeria’s economic nerve center, Lagos understands the critical role of a reliable, competitive, and investor-friendly electricity market. Our government remains dedicated to creating an enabling environment for investments in power infrastructure and renewable energy solutions,” he said.
Leveraging the Capital Market for Energy Sector Growth
Sanwo-Olu highlighted the capital market’s crucial role in unlocking new investment channels for the electricity sector. He stressed the need for structured financial instruments, such as:
- Energy bonds
- Power purchase agreements (PPAs)
- Electricity derivatives
He called for collaboration among stakeholders, urging financial institutions, investors, and policymakers to leverage the capital market for sustainable energy sector development.
With the Lagos State Electricity Law in place, the government is taking decisive steps to:
A Sustainable Energy Future for Lagos
Sanwo-Olu emphasized the importance of a competitive and sustainable electricity marketplace, ensuring that businesses and residents have access to reliable power.
“Together, we can build a competitive, reliable, and sustainable electricity marketplace that serves the needs of our people and businesses,” he added.
Describing the event’s theme as timely and essential, the governor reiterated his administration’s commitment to driving Lagos toward a more resilient and investor-friendly energy sector.