Lagos needs $33b to fund investment in energy generation by 2030

Charges investors, engineers to embrace opportunities

The General Manager of Lagos State Electricity Board, Kamaldeen Balogun, yesterday, said the state government would need between $14 million to $33 billion to fund investment in energy generation by 2030, depending on technology.

He said the investment would cover critical aspects, such as transmission, distribution and retailing of power value-chain.

Balogun disclosed this during 2024 edition of Ralph Alabi memorial lecture, entitled: “Opportunities in the emerging power sector: Panacea for economic stability and industrialisation” and induction of 40 new members organised by Ikeja branch of the Nigerian Society of Engineers (NSE) in Lagos.

He said that the government plans to establish about seven power plants in strategic locations in the state to improve power supply and boost industrial development.

Balogun, therefore, advised investors and engineers in the state to brace up and embrace emerging opportunities that the new Lagos Electricity Bill will offer to the market, adding that engineers can lead innovations in renewable energy, grid expansion, and others.

President of the NSE, Margaret Oguntala, represented by Vice President, Corporate Services of the NSE, Dr Felicia Agwubata, said the theme speaks directly to one of Nigeria’s most critical needs, which is stable and accessible power, adding that the power sector remains a vital foundation upon which economic stability and industrialisation can be realised.

Also, Chairman of the Ikeja branch of NSE, Nimot Muili, said Lagos Power Bill offers a unique opportunity to remove the constraints of the past and forge a brighter future, adding that the legislation when assented by the state governor will empowers the state to take control of its energy destiny, enabling generation, transmission, and others.

She, however, said there was need to acknowledge the challenges that lie ahead, which include regulatory hurdles, financial constraints, and technical complexities that will undoubtedly test the resolve to overcome the obstacles and achieve goals.
Managing Director/Chief Executive Officer, Sustainability Limited, Dr Kayode Oluwagbuyi, noted that electricity inadequacy is a major problem to industrialisation in Nigeria.

He lamented lack of continuous training for power engineers, non-payment of debt owed Gencos amounting to about N2 trillion, as well as gender bias in the power sector.

He gave the assurance that when Lagos State government starts to generate electricity, things will be easier for residents and businesses and there will be huge employment opportunities.