Lagos to grow economy with power, property laws
Written by Henry on February 3, 2018
The Lagos State Government has perfected plans to bring about a quantum leap to the State’s economy in 2018 through the Embedded Power Supply Project and the review of the Land Use Charge Law.
The power project, aimed at delivering an estimated 3,000 Megawatts to homes and industries, is expected to lift the economy of Lagos which is Nigeria’s industrial hub, while the revised Land Use Charge Law had been designed to improve the values of property in the State.
The State’s House of Assembly had last week announced the passage of two bills expected to provide the legal framework for the programmes by enacting the Lagos State Embedded Power Supply Law 2018 and the Lagos State Land Use Charge Law 2018.
Both laws are expected to be signed this week by the State Governor, Mr. Akinwunmi Ambode.
Speaking on the development, Commissioner for Information and Strategy, Mr Kehinde Bamigbetan said the two strategic laws were part of the grand plan of the present administration to boost the economy and make life easier and comfortable for the people.
He said: “The Embedded Power Supply programme will provide the enabling environment for the private sector to generate not less than 1000 mega watts every year in the first phase of three years by using gas to produce power and distributing the electricity to consumers.
“As enabler, the Lagos State Government will guarantee the off-take of the generated power.
“This new product is expected to expand the distribution network and increase metering capacity of the electricity distribution firms in Lagos State including Eko Distribution Company and Ikeja Electricity Distribution Company.”
Bamigbetan said to ensure return on investment by participating companies and encourage more electricity companies to invest in the embedded power sector, the law has been arranged to provide the framework for the government to support the firms in the collection of tariffs and enforcement of contracts.