Lagos needs $14bn-$33bn to meet energy needs by 2030 –GM Electricity Board
CHIGOZIE AMADI
The General Manager of the Lagos State Electricity Board, Mr Kamaldeen Balogun, an engineer, has disclosed that the State government would require an investment of between $14 billion and $33 billion to meet its energy generation needs by 2030.
Balogun disclosed this at the 15th Ralph Alabi Memorial Lecture and Induction of new corporate members of the Nigerian Society of Engineers (NSE) Ikeja Chapter.
The theme of the event is, “Opportunities in Emerging Power Sector: A Panacea for Economic Stability and Industrialisation”.
Balogun, who said the figure was obtained from the Lagos Bureau of Statistics, stated that energy supply was currently Lagos State’s single biggest infrastructure and developmental challenge.
Stating that the state receives only 1,000 megawatts daily for average of 12 hours, against the required 9,000 megawatts, Balogun said this was in the light of the 2023 Electricity Act, which gave powers to the states to generate, transmit and distribute energy within their jurisdiction.
“The General Manager, who said the state was poised to ensure adequate and reliable power supply to its citizens through the Lagos Electricity Market, explained that Lagos power sector offered opportunities in Independent Power Plants, renewable energy, especially solar, off-grid and mini-grid solutions for underserved areas, and energy storage systems to improve reliability.
According to him, the gas-to-power projects and smart grid technologies also present lucrative investments, expanding distribution networks, adding that public-private partnerships would further drive growth.
He added that emerging sectors like electric vehicle infrastructure and waste-to-energy projects offered long-term potential.
He said: “The power deficit in the state, the plans and target of the government create vast investment opportunities in the generation, transmission, distribution and retailing sectors of the power value chain.
“The Lagos Electricity Market Implementation Plan aims to enhance power generation and distribution by promoting private sector involvement and independent power producers (IPPs). This is to generate 3000MW of electricity to power Lagos State communities within the next 30 months”.
Balogun further said the electricity market implementation plan focused on grid modernisation, upgrading infrastructure with smart technologies to improve reliability and efficiency, adding that the plan encourages renewable energy integration of 1000Mw of power, emphasising solar and off-grid solutions to diversify the energy mix.
He said public-private partnerships (PPPs) would be crucial for financing energy projects and expanding infrastructure.
“It includes a strong focus on capacity building, ensuring workforce training for engineers, technicians, and craftsmen in the power sector.
“Several new agencies will be created to achieve the set target, namely, Lagos State Electricity Regulatory Commission, Lagos State Independent System Operators, Lagos Power Rangers and Lagos State Electrification Fund”, he stated.
In her remark, President/Chairman, Council of NSE, Mrs Margaret Oguntala, commended the Ikeja branch for sustaining the annual event held in honour of the late Engineer Ralph Alabi, showcasing his legacy and professionalism in the engineering field.
Mrs. Oguntala, who was represented by the Vice President, Corporate Services of the NSE,Dr Felicia Agubata, said through the annual event, the society ensured that Alabi’s contributions to national advancement were remembered and celebrated.
She said the theme for the lecture speaks directly to one of Nigeria’s most critical needs; stable and accessible power, adding that the power sector is a vital foundation upon which economic stability and industrialisation can be realized.
Oguntala noted that the NSE remained firmly committed to promoting capacity building and continuous professional development for all its members.
In her welcome address, the Chairman, NSE Ikeja, Ms Nimot Muili, an engineer, said the Lagos Power Bill offered a unique opportunity to remove the state from the constraints of the past and forge a brighter future.
Muili said that the Federal Government’s adoption of the Electricity Act 2023 empowered Lagos State to take control of its energy destiny, enabling it to generate, transmit, and distribute power, independently.
“By harnessing the power of renewable energy sources, we can not only reduce our reliance on fossil fuels but also contribute to global efforts to combat climate change.
“This transition to a cleaner, greener future will not only benefit our environment but also create new jobs, stimulate economic growth, and improve the overall quality of life for our citizens.
“The Lagos Power Bill also opens the door to innovative public-private partnerships, fostering collaboration between government and industry”, she said.
The NSE Ikeja Chairman further said by leveraging the expertise and resources of the private sector, the state could accelerate the development of critical energy infrastructure, attract foreign investment and ensure the efficient delivery of power to homes and businesses.
She congratulated the inductees and encouraged them to be intentional about their membership, which offers numerous opportunities to advance both their professional and personal growths.
