The Lagos State House of Assembly is on the cusp of a major transformation for the state’s energy sector.
A public hearing was held on Thursday for the proposed Ibile Energy Corporation Law, a bill designed to expand Lagos’ involvement in oil, gas, and renewable energy ventures.
If passed, the new law would replace the Ibile Oil and Gas Law of 2015 and create the Ibile Energy Corporation.
This new body would have the authority to invest across the entire energy value chain, from oil and gas exploration and production to the development of modern, clean energy solutions, such as electric vehicle charging stations.
The primary goal of the bill is to empower Lagos to meet its growing energy demands by actively participating in all facets of the energy market, both within Nigeria and internationally.
According to the draft legislation, the Ibile Energy Corporation will operate as a corporate body with the power to conduct business, own property, and enter legal agreements.
The Chairman of the House Committee on Energy and Mineral Resources, Oluwa Sabur, stated that the bill will position Lagos as a key player in the energy market and support the state’s transportation and industrial development goals.
Deputy Speaker Meranda Mojisola Lasbat, representing Speaker Mudashiru Ajayi Obasa, emphasised that the bill is pivotal to meeting Lagos’ rising energy needs. “With the discovery of oil in commercial quantities within Lagos, this law positions us among global oil-producing entities while creating opportunities to diversify into renewable energy,” Obasa said.
He added that the law would boost state revenue and create jobs through investments in various energy projects.
Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, called the bill a bold move to make Lagos competitive on a global scale. “This bill is more than legislation. It is a tool to empower our people and advance clean energy initiatives,” he said.
The hearing underscored Lagos’ ambition to not only strengthen its energy sector but also to drive economic growth, environmental sustainability, and industrial expansion for years to come.
