Babajide Sanwo-Olu has inaugurated the board of the Lagos State Electricity Regulatory Commission, marking a key step in strengthening electricity sector governance in the state.
The inauguration took place Monday at Lagos House, Ikeja, according to the News Agency of Nigeria.
Sanwo-Olu said the move supports Lagos’ plan to build a reliable and investor-friendly electricity market following the enactment of the Electricity Act 2023 and the state’s electricity law.
He noted the commission will regulate electricity activities, improve power supply, and support economic growth in the state.
The governor added that the regulatory framework also establishes a state electricity fund to support power access in underserved communities.
According to the Lagos State Commissioner for Energy and Mineral Resources, Biodun Ogunleye, the commission will oversee licensing, tariff regulation, consumer protection, and electricity market monitoring in Lagos.
He said the board is expected to improve transparency and strengthen investor confidence in the state’s electricity market.
Sanwo-Olu noted that Lagos has a unique opportunity to reform its electricity sector because the state is largely served by two distribution companies operating within its territory.
He added that the new regulatory framework will help improve electricity supply and support Lagos’ goal of building a 24-hour economy.
The governor also disclosed that over 4,000 streetlights have been installed across the state to enhance safety and boost nighttime economic activities.
The commission follows the signing of the Lagos Electricity Law 2024, which replaced the 2018 power sector reform law.
The legislation also established the Lagos State Electrification Agency, created a Lagos Electrification Fund, and introduced measures such as an Independent System Operator and a Power Enforcement Unit to tackle electricity theft and expand power access.
