By 2030, the Lagos State Government estimates that $14 billion to $33 billion in investments will be needed to meet its energy generation needs.
During the 15th Ralph Alabi Memorial Lecture and the induction of new corporate members of the Nigerian Society of Engineers (NSE) Ikeja Chapter accessed by BrandSpur national news stories, Mr. Kamaldeen Balogun, General Manager of the Lagos State Electricity Board, revealed this information.
The event’s topic, “Opportunities in Emerging Power Sector: A Panacea for Economic Stability and Industrialization,” emphasized how crucial creative power sector solutions are to both industrialization and economic growth.
Balogun highlighted energy supply as Lagos State’s biggest infrastructure and development concern in his keynote talk, citing investment estimates from the Lagos Bureau of Statistics.
According to him: “Lagos State is poised to ensure adequate and reliable power supply to its citizens through the Lagos Electricity Market.”
Lagos currently only receives 1,000 megawatts of power each day, which is available for an average of 12 hours, compared to the 9,000 megawatts that the state needs.
According to Balogun, when talking about the possibilities in the power industry, he revealed that the power deficit offers a plethora of investment opportunities in the power value chain’s generation, transmission, distribution, and retailing sectors. He clarified that the Lagos power sector has investment potential in energy storage systems to increase dependability, off-grid and mini-grid solutions for underserved areas, renewable energy (especially solar), and Independent Power Plants (IPPs).
Continuing, he has this to say: “Emerging sectors like electric vehicle infrastructure and waste-to-energy projects offer long-term potential.”
Balogun also emphasized the importance of the 2023 Electricity Act, which gives states the authority to produce, transfer, and distribute energy inside their borders. He asserts that Lagos is in a strong position to improve electricity supply through the Lagos Electricity Market thanks to this legal framework.
He had this to say: “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.”
According to Balogun, the strategy is centered on:
- Grid modernization: This is the process of enhancing infrastructure with intelligent technology to increase efficiency and dependability.
- Renewable Energy Integration: To diversify the energy mix, 1,000 megawatts of power from solar and off-grid sources are the goal.
- Public-Private Partnerships (PPPs): Promoting private sector participation to fund infrastructure expansion and energy projects.
Adding; “It includes a strong focus on capacity building, ensuring workforce training for engineers, technicians, and craftsmen in the power sector.”
