Governor Babajide Sanwo-Olu has said that 9,000 megawatts is the amount of energy required to transform Lagos State economy. If realised, Lagos, the most populous city-state, and the fifth largest economy in Africa, would be self-sufficient in electricity supply that would adequately power its industrial sector, Small and Medium Enterprises (SMEs) and residential buildings.
The Lagos State Governor revealed this 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.
Governor Sanwo-Olu wooed investors at the forum, assuring them that his administration would be open to tapping private investment in clean energy to enable Lagos attain its aspiration of transforming to 21st century economy driven by technology and innovation.
Adequate electricity supply, the Governor asserted, would also help the State to fully unlock the potential of its tourism sector and waterway transportation.
The Governor said his government had been reviewing the State’s Public Private Partnership (PPP) policy, with the objectives to boost investors’ confidence on returns on their investment and to drive more investments in critical areas to the State’s economy.