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Nigeria’s biggest city and commercial hub of Lagos plans to raise as much as $10 billion in private investment to boost electricity supply to nearly five million households by 2032, state governor Babajide Sanwo-Olu said.
Lagos, home to about 25 million people, receives about 25% of 5,000 megawatts of national grid-connected electricity, prompting the city to depend on fragmented off-grid power sources, according to the state’s ministry of energy and mineral resources.
“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.
Sanwo-Olu said his government is also partnering with the World Bank and USAID to provide off-grid solutions to drive renewable energy use in Lagos.