The Lagos government needs between $14 and $33 billion to finance the production of energy

According to the Lagos government, in order to achieve its energy generation needs by 2030, an investment of $14 billion to $33 billion will be needed.
This was revealed at the 15th Ralph Alabi Memorial Lecture and the induction of new corporate members of the Nigerian Society of Engineers Ikeja Chapter by Kamaldeen Balogun, general manager of the Lagos State Electricity Board.

In his keynote speech at the event, engineer Mr. Balogun stated that the Lagos Bureau of Statistics provided the statistic.

He claims that the largest infrastructural and development difficulty facing Lagos at the moment is the availability of energy.

Additionally, he stated that the state only receives 1,000 megawatts each day for an average of 12 hours, whereas 9,000 megawatts are needed.

According to the general manager, this was because of the 2023 Electricity Act, which granted states the authority to produce, transfer, and distribute electricity within their borders.

Mr. Balogun clarified that the Lagos power sector has prospects for independent power plants, energy storage systems to increase dependability, off-grid and mini-grid solutions for underserved areas, and renewable energy, particularly solar.

“Smart grid technologies and gas-to-power projects also present profitable investments, expanding distribution networks,” he said, adding that public-private collaborations would further propel expansion.

According to Mr. Balogun, there is long-term potential in developing industries like waste-to-energy projects and electric vehicle infrastructure.

“The state’s power shortage, the government’s goals and ambitions, and the numerous investment opportunities in the production, transmission, distribution, and retailing sectors of the power value chain.

By encouraging private sector participation and independent power producers, the Lagos Electricity Market Implementation Plan seeks to improve power generation and distribution. Within the next 30 months, this would produce 3000MW of electricity to power communities in Lagos State,” he stated.

He claims that in order to increase dependability and efficiency, the power market implementation plan places a strong emphasis on modernizing the grid and updating infrastructure with smart technologies.

In order to diversify the energy mix, the strategy promotes the integration of 1000Mw of renewable energy, with a focus on solar and off-grid alternatives.