Lagos State Governor, Babajide Sanwo-Olu, 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.
The governor 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 depends on fragmented off-grid power sources.
“We’ve 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”, Sanwo-Olu said.
“We’re trying to grow our power requirement, and based on the energy needs, it will be about 10,000 to 12,000 megawatts of power.
“So, it could be an investment opportunity of up to like $10 billion. So, we’re going to put that in front of investors”, he said.
The governor added that his government is also partnering with the World Bank and USAID to provide off-grid solutions to drive renewable energy use in the state.
