Lagos State Governor, Babajide Sanwo-Olu, has called for the establishment of a dedicated Lagos Clean Power Investment Vehicle, backed by British institutional capital and Nigerian private-sector investment.

This is to support Lagos in financing renewable and decentralised power projects across the state.

Sanwo-Olu made the call at the Nigeria-Britain Association’s 2026 yearly lecture series held at the Nigerian Institute of Management (NIM) in Lagos. The event was themed, ‘Global Energy Crises and the Transition to Green Power: Implications for Nigeria and Britain’.

Represented by the Commissioner for Energy and Mineral Resources, Biodun Ogunleye, the governor said the proposed investment vehicle should initially target distributed solar power and energy storage for commercial districts and public institutions.

He stressed that Lagos had the market demand and political will to support commercially viable clean-energy investments.

“Our two countries’ lessons converge into one opportunity. Britain has capital, clean-energy technology and hardware, and grid expertise. Lagos has the demand, the density and the political will,” he said.

Sanwo-Olu urged Nigeria and Britain to move beyond discussions on energy cooperation and establish a working group to develop bankable projects, attract patient capital and build the skills required for the emerging clean-energy economy.

He said Lagos was ready to provide bankable projects and a credible offtake environment, while seeking British capital, technology partners and skills-development programmes.

“Let us leave this hall with a working group and return to this lecture next year able to report not intentions, but megawatts,” he said.

The governor also stressed that the energy transition must deliver affordable, reliable and accessible electricity, noting that Lagos’ dependence on generators represents both an energy challenge and a significant market opportunity for cleaner alternatives.

He said the state’s large population, concentration of businesses and growing electricity demand made it an attractive destination for investors willing to support innovative energy solutions.

According to him, decentralised power systems could help reduce pressure on the national grid while improving electricity supply to markets, industrial clusters, schools, hospitals and other public facilities.

His call came against warnings by the keynote speaker and Chief Executive Officer of Omni-Blu Aviation Limited, Akin Olateru, that Nigeria risks losing a significant share of global clean-energy investment if it fails to address regulatory uncertainty, foreign exchange risks, insecurity and delays in project execution.

Olateru said Nigeria’s renewable-energy potential, youthful population and expanding technology ecosystem could position it to attract climate-focused capital, but urged stronger Nigeria-Britain cooperation to reduce investment risks.

He identified solar equipment assembly, electric vehicles, green hydrogen and carbon-market services as areas with potential to attract investment, create jobs and build local industrial capacity.