Lagos residents spend an estimated N17 trillion annually to self-generate electricity, according to the state Commissioner for Energy, Biodun Ogunleye.
Speaking at a stakeholder roundtable in Lagos on Tuesday, Ogunleye disclosed that about six million households in the state consume approximately nine billion litres of fuel yearly to generate over 10 gigawatts of electricity.
The commissioner also highlighted the significant fuel consumption by businesses, revealing that offices and small businesses burn 6.6 billion litres of fuel annually using 113,642 generators.
Additionally, over 13,704 generators in markets across the state consume another 61 million litres of fuel annually.
A study by the Lagos State Government found that more than 80,000 medium and small businesses own 94% of the generators used in offices and commercial spaces, with 33% of the generators being in the 1-5kva capacity range.
These figures indicate that Lagosians spend upwards of N15 trillion annually to power generators at home and in workplaces.
Ogunleye emphasized the need to reduce the state’s reliance on self-generated power, describing Lagos as Africa’s fifth-largest economy with untapped energy potential.
He stated that the state government aims to ramp up power generation to six gigawatts within three years, leveraging the newly enacted Lagos State Electricity Law.
To achieve this ambitious target, Ogunleye outlined plans to strengthen market institutions, introduce effective market tools, enhance value chain capacity, and attract investments into the power sector.
He also assured stakeholders of measures to ring-fence market revenues to ensure contractual obligations are met.
“There will be a strong focus on 100% metering and the establishment of a contract-driven market in Lagos,” Ogunleye said, adding that the government is working towards securing the required gas allocation to support power generation.
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