The General Manager of the Lagos State Electricity Board, Kamaldeen Balogun, stated that Lagos requires an investment of $14 million to $33 billion by 2030 to develop its energy sector, covering transmission, distribution, and retailing.

Balogun disclosed this during the 2024 Ralph Alabi Memorial Lecture and the induction of corporate engineering members by the Nigerian Society of Engineers, Ikeja branch, in Lagos.

He revealed that Lagos State plans to establish seven power plants to enhance electricity supply and drive industrial growth.

He emphasized that the state would integrate renewable energy into its power infrastructure, aiming to generate 3,000 megawatts within two to three years, with 1,000 megawatts coming from renewable sources.

The manager noted the Lagos State is adopting proven power plant technologies from Europe and Asia to ensure compliance with global best practices in its energy projects.

Balogun urged investors and engineers to prepare for and seize the opportunities presented by the Lagos Electricity Policy.

He stressed PPP would be key to financing energy projects and expanding infrastructure.

NSE President, Margaret Oguntala, commended the Ikeja branch of the Nigerian Society of Engineers for consistently organizing the annual event in honor of Ralph Alabi, highlighting his legacy and contributions to professionalism in engineering.

Oguntala, represented by the Vice President of Corporate Services, Dr. Felicia Agwubata, emphasized that the power sector is crucial for economic stability and industrialization.

Ikeja NSE Chair, Nimot Muili, described the Lagos Power Policy as an opportunity to overcome past challenges and move forward.

She noted that the initiative would enable the state to take charge of its energy future by facilitating power generation, transmission, and other key developments.

Muili highlighted the need to address challenges such as regulatory hurdles, financial constraints, and technical issues, stating that these would test the resolve to overcome obstacles and achieve the goals of the Lagos Power Policy.