Lagos State requires $14bn to $33bn investment to meet energy needs – Official  

This was disclosed by Mr. Kamaldeen Balogun, General Manager of the Lagos State Electricity Board, during the 15th Ralph Alabi Memorial Lecture and the induction of new corporate members of the Nigerian Society of Engineers (NSE) Ikeja Chapter.

The event, themed “Opportunities in Emerging Power Sector: A Panacea for Economic Stability and Industrialisation”, highlighted the importance of innovative solutions in the power sector for economic growth and industrialisation.

In his keynote address, Balogun stated that the Lagos Bureau of Statistics provided the investment figures, underscoring energy supply as Lagos State’s most significant infrastructure and developmental challenge.

“Lagos State is poised to ensure adequate and reliable power supply to its citizens through the Lagos Electricity Market,” he said.

Currently, Lagos receives only 1,000 megawatts of power daily, available for an average of 12 hours, against the state’s requirement of 9,000 megawatts.

“Emerging sectors like electric vehicle infrastructure and waste-to-energy projects offer long-term potential,” Balogun added.

“The Lagos Electricity Market Implementation Plan is a key initiative to enhance power generation and distribution, with a target to generate 3,000 megawatts of electricity within the next 30 months,” he said.

Balogun explained that the plan focuses on: 

“It includes a strong focus on capacity building, ensuring workforce training for engineers, technicians, and craftsmen in the power sector,” Balogun stated.

Naijaonpoint recently reported that the Lagos State government is seeking private companies to invest in gas-fired power plants aimed at tackling the State’s persistent electricity shortfall.