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Lagos to Raise $10bn to Boost Electricity

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CEM REPORT, ENERGY | The Lagos State government has made plans to raise $10 billion in private investment to boost electricity supply within the state by 2032.

The government revealed that it is working with the World Bank and USAID to create off-grid options to encourage the usage of renewable energy in Lagos.

Governor Babajide Sanwo-Olu revealed in an interview with Bloomberg.

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“We’ve done an extensive power roadmap in energy for Lagos and we have an idea of what our requirements will be for the next 10 years.”

“We’re trying to grow our power requirement and based on the energy needs, it will be about 10,000 to 12,000 megawatts of power. So it could be an investment opportunity of up to like $10 billion. So, we’re going to put that in front of investors.”

Earlier at the Lagos-Norway Energy Exchange held in Lagos the state government signed a $6 million solar deployment deal with the Norway government to create more than 1 gigawatts of solar photovoltaic energy in seven years, which will electrify 1.6 million homes by 2030.

Lagos receives approximately 25% of the 5,000 megawatts of national grid-connected electricity, requiring the metropolis to rely on fragmented off-grid power sources, according to the state’s Ministry of Energy and Natural Resources.

Since the signing of the Electricity Act which empowers states to generate, transmit and distribute electricity away from the national grid.

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While the venture of generating, transmitting and distributing electricity is cost intensive for many states in Nigeria to bear alone a report by the Energy Market and Rates Consultants (EMRC) has advised states to collaborate with the Transmission Company of Nigeria (TCN) on electricity transmission-related matters within their states or consider public-private partnerships for financing transmission within the state.

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