‘Lagos needs 9000 mw to transform economy’

Governor Babajide Sanwo-Olu has said that 9,000 megawatts of energy would be required to transform the Lagos State economy. If realised, Sanwo-Olu said, the state would be self-sufficient in electricity supply that would adequately power its industrial sector, small and medium enterprises and residential buildings. The governor made the declaration when he addressed a forum […]

Governor Babajide Sanwo-Olu has said that 9,000 megawatts of energy would be required to transform the Lagos State economy.

If realised, Sanwo-Olu said, the state would be self-sufficient in electricity supply that would adequately power its industrial sector, small and medium enterprises and residential buildings.

The governor made the declaration when he addressed a forum at the Corporate Council on Africa, a side event at the ongoing 74th Session of the United Nations General Assembly (UNGA) in New York, United States.

Wooing investors at the forum, Sanwo-Olu assured them that his administration would be open to tapping private investments in clean energy to enable Lagos attain its aspiration of transforming to a 21st century economy driven by technology and innovation.

He said, “Lagos, as the fifth largest economy in Africa, accounts for 60 per cent of Nigeria’s GDP, in which the manufacturing sector accounts for about 30 per cent. Despite this potential, we have an energy deficiency of about 9,000 megawatts, which is required to give the economy the needed support for more growth. We are open to investment in independent power generation to address energy deficit, which would help to fully unlock opportunities in the tourism sector, infrastructure and technology business.”