Lagos targets $10bn investments to boost electricity supply to 5m homes

By Akinyemi Precious

Govern or of Lagos State, Babajide Sanwo-Olu has declared plans of the state government to raise $10 billion in private investm ent to boost electri city supply to nearly five million households in Lagos State by 2032.

The Governor revealed this during an interview with Bloomberg.

According to Mr Governor, an extensive power roadmap in energy for Lagos has been done and prerequisites for the next ten years have been known.

According to reports, Lagos receives about 25 per cent of the 5,000 megawatts of national grid-connected electricity and the city  relies on fragmented off-grid power sources.

He said, “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.”

While speaking, he also made mention of the collaboration with the World Bank and USAID to create off-grid options to encourage the usage of renewable energy in Lagos as the intention of the state is to create more than 1GW of solar photovoltaic energy in seven years, which will enable it to electrify 1.6 million homes by 2030.

Previously, the state government had earlier signed a $6 million solar deployment deal with the Norway government at the opening of the Lagos-Norway Energy Exchange in Lagos.