Babajide Sanwo-Olu, the Lagos State Governor, yesterday inaugurated the board of the Lagos State Electricity Regulatory Commission (LASERC), describing the move as a critical step toward improving electricity supply and attracting investment into the state’s power sector.
The ceremony took place at Lagos House, where the governor charged the board members to work collaboratively to strengthen the state’s power infrastructure and support a transparent, investor-friendly electricity market.
“This inauguration is part of our broader effort to build a sustainable energy system and ensure that homes and businesses enjoy more dependable electricity,” Sanwo-Olu said.
The governor acknowledged that an earlier attempt to constitute the board about a year ago did not achieve the desired results due to internal challenges and the national obligations of some prospective members. However, he expressed optimism that the newly appointed team would drive meaningful reforms in Lagos’ electricity sector.
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Sanwo-Olu explained that the establishment of LASERC followed the passage of the Lagos Electricity Law by the Lagos State House of Assembly in line with the Electricity Act 2023.
He described the legislation as a framework designed to create a transparent and investor-friendly electricity market within the state.
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According to the governor, the law also created a state electricity fund aimed at extending power to underserved and unserved communities, while empowering the commission to regulate electricity operations across Lagos State.
“The Commission must go beyond regulation by encouraging cooperation among stakeholders and ensuring that the environment remains attractive to investors,” he said, stressing that the framework should result in improved electricity supply for residents and businesses across the state.
Sanwo-Olu also highlighted the government’s ongoing efforts to strengthen public lighting and energy infrastructure. “The idea of ensuring electricity on as many streets as possible is to enable a 24-hour economy and give people the confidence that their communities are safe and well lit,” he said.
The governor further urged LASERC to ensure that Lagos becomes a national reference point for electricity market reforms, signaling the state’s ambition to lead in power sector innovation and investment in Nigeria.
