Lagos State has projected that an investment between $14 billion and $33 billion is essential to meet its energy generation needs by 2030. This projection was shared by Mr. Kamaldeen Balogun, General Manager of the Lagos State Electricity Board, during the 15th Ralph Alabi Memorial Lecture and the induction of new corporate members of the Nigerian Society of Engineers (NSE) Ikeja Chapter.
Addressing the audience under the theme “Opportunities in Emerging Power Sector: A Panacea for Economic Stability and Industrialisation,” Balogun emphasized the critical role of innovation in the power sector to drive economic growth and industrialization. He referenced the Lagos Bureau of Statistics, which identifies energy supply as the state’s primary infrastructure challenge. Currently, Lagos receives about 1,000 megawatts daily, available only for an average of 12 hours, despite its demand for 9,000 megawatts.
Balogun highlighted significant investment opportunities in the Lagos power sector, particularly in independent power plants (IPPs), renewable energy (notably solar), and off-grid solutions for underserved areas. Emerging sectors like electric vehicle infrastructure and waste-to-energy initiatives also present potential for future growth.
He further discussed the 2023 Electricity Act, which grants states authority over power generation, transmission, and distribution within their territories, positioning Lagos to make substantial advances in its energy supply. The Lagos Electricity Market Implementation Plan aims to generate 3,000 megawatts within 30 months, with a focus on modernizing the grid, integrating renewable energy, and leveraging public-private partnerships. This initiative also includes workforce development programs for engineers, technicians, and craftsmen to ensure a skilled labor force in the power sector.
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