Lagos State Governor, Babajide Sanwo-Olu, yesterday, inaugurated the board of the Lagos State Electricity Regulatory Commission, describing the move as a major step towards improving power supply and deepening investment in the state’s electricity market.

The ceremony took place at the Lagos House in Ikeja.

Sanwo-Olu, who charged members of the board to work in unity to strengthen the state’s power sector and help attract investors to electricity infrastructure, said the inauguration was part of the government’s broader effort to build a sustainable energy system and ensure that homes and businesses enjoy more dependable electricity.

The governor acknowledged that an earlier attempt to constitute the board about a year ago did not achieve the intended outcome due to internal challenges and the national commitments of some members.

However, he expressed optimism that the newly appointed team would work together to drive meaningful changes in the sector.

He said that the establishment of the commission followed the passage of the Lagos Electricity Law by the Lagos State House of Assembly in line with the Electricity Act 2023.

According to him, the legislation is intended to create a transparent and investor-friendly electricity market within the state.

Sanwo-Olu added that the law also created a state electricity fund aimed at extending power supply to underserved and unserved communities, while empowering the regulatory commission to oversee electricity activities in Lagos State.

He stressed that the Commission must go beyond regulation by encouraging cooperation among stakeholders and ensuring that the environment remains attractive to investors.

Sanwo-Olu said the government expected the regulatory framework to translate into improved electricity supply for residents and businesses across the state.

He, however, urged the Commission to ensure that Lagos State becomes a reference point for electricity market reforms across the country.

Sanwo-Olu, who also reaffirmed the government’s commitment to strengthening public lighting and energy infrastructure, said: “The idea of ensuring electricity on as many streets as possible is to enable a 24-hour economy and give people the confidence that their communities are safe and well lit.”