Lagos Seeks $10bn Private Funds For Electricity Supply

Governor Babajide Sanwo-Olu of Lagos State has disclosed that his administration intends to raise as much as $10 billion in private investment to boost electricity supply to nearly five million households by 2032.

Speaking in an interview, he said this was part of plans to improve electricity in the state, which receives about 25 per cent of 5,000 megawatts of the national grid.

This will also mean the state will largely depend on fragmented off-grid power sources.

According to the governor, his administration has done an extensive power roadmap in energy for Lagos, and already have an idea of what the requirements will be for the next 10 years.

In trying to grow power requirement, and based on the energy needs, he explained that this will be about 10,000 to 12,000 megawatts of power.

Governor Sanwo-Olu said his government is also partnering with the World Bank and USAID to provide off-grid solutions to drive renewable energy use in the state.

The governor also revealed that his administration is partnering with the World Bank and USAID to provide off-grid solutions to drive renewable energy use in the state.