Lagos State Governor, Babajide Sanwo-Olu, on Tuesday signed the Lagos Electricity Bill 2024 into Law.

He signed the bill at the Conference Room, Lagos House, Alausa Ikeja.

Sanwo-Olu's Special Senior Assistant on New Media, Jubril A. Gawat, disclosed this in a post on his X handle.

According to him, the Lagos State Electricity Law 2024 is a comprehensive plan of Sanwo-Olu's resolve to address longstanding challenges in the energy sector.

"The law will lay a robust foundation for economic growth, fostering industrial growth, improved quality of life, energy equity, economic prosperity, and environmental sustainability," Gawat posted.

He highlighted some of the objectives of the law which include establishing a Lagos Electricity Market that "is technically sound, financially viable, and well-regulated and ensures access to affordable, reliable, and sustainable electricity for all citizens."

The law will also promote diverse energy sources, including renewable energy, and encourage energy efficiency, foster investment, competition, and innovation in the electricity sector and electrify underserved areas, contributing to the sustainable development of Lagos State.

It will also establish critical institutions to manage and oversee the electricity market.

These include Lagos State Electricity Regulatory Commission, Lagos Independent System Operator (ISO), Lagos State Electrification Agency, Special Funds and Power Enforcement Unit which will address issues of Electricity theft, damage and theft of infrastructure.

Sanwo-Olu explained that the state and the House of Assembly have carried out extensive work in the last 12 months culminating in the passage and signing of the bill into law.