Lagos to Raise N7.5trn Private Funds to Boost  Electricity Supply by 2032

Adaobi Rhema Oguejiofor

The Governor of Lagos State, Babajide Sanwo-Olu, has disclosed that his administration intends to raise as much as $10 billion, which is equivalent to N7.5 trillion, in private investment in order to boost electricity supply for nearly five million households within the state by 2032.

Sanwo-Olu,  while speaking in an interview, stated that this was part of plans to improve the supply of electricity in Lagos, as it receives only about 25 percent of the 5,000 megawatts (MW) of the national grid. He added that it will also mean that the state will largely depend on fragmented off-grid power sources.

In his own word, “we have done an extensive power roadmap in energy for Lagos, and we have an idea of what our requirements will be for the next 10 years.

We are trying to grow our power requirement, and based on the energy needs, it will be about 10,000 to 12,000 megawatts (MW) of power. So, it could be an investment opportunity of up to like $10 billion. So, we are going to put that in front of investors.” 

The Governor expressed that his government is also partnering with the World Bank and The United States Agency for International Development (USAID) in order to provide off-grid solutions to drive renewable energy use in the state.