Lagos to require up to $33 billion for energy investment – Balogun

The general manager of the Lagos Electricity Board, Kamaldeen Balogun, said the state will require up to $33 billion to meet its energy generation needs by 2030.

After the federal government passed a law that allowed state governments to generate and distribute their own electricity, the state government has focused on becoming self-sufficient through its Clean Lagos Electricity Market plan. Earlier this month, the government called for bids from independent power producers to set up gas-fired power plants. The government has said it requires 6,000 MW of electricity but only receives 2,000 MW from the national grid, Reuters reported recently.

Balogun made the comment while speaking at the 15th Ralph Alabi Memorial Lecture and the induction of new corporate members of the Nigerian Society of Engineers (NSE) Ikeja Chapter.

“Lagos state is poised to ensure adequate and reliable power supply to its citizens through the Lagos Electricity Market,” he said.