Economy
Lagos Plans 24-Hour Electricity for Residents with 3,000MW Plant
By Dipo Olowookere
As part of efforts in achieving a 24-hour power for Lagos, Governor Akinwunmi Ambode has sought a no objection letter from the Nigerian Electricity Regulatory Commission (NERC) for the state’s Embedded Power Programme.
Mr Ambode led some members of the State Executive Council, lawmakers and other critical stakeholders to a meeting at the NERC’s headquarters in Abuja on Friday for this purpose.
The Government explained that the embedded power project was designed as his administration’s flagship programme for direct intervention in the power value chain.
He said the proposed power programme would generate up to 3,000MW of power through accelerated deployment of various power plants in strategic locations across the state by private sector power providers within three to six years.
He noted that Nigerians’ aspiration to create a secured and prosperous nation that is globally competitive will be difficult to achieve without stable power supply.
Governor Ambode posited that while efforts are ongoing to resolve the power crisis, it had become increasingly clear that the problems in the energy sector could no longer be left to the Federal Government alone to solve.
“Embedded power was designed as our flagship programme for direct intervention in the power value chain towards achieving a 24-hour power for Lagos. Lagos State has always demonstrated its capacity and willingness to play a leading role in resolving the power sector challenges in the state, subject to the limit of the federal authority allowed regulations.
“Having succeeded in powering government facilities, the next level of intervention for our government is to collaborate with other stakeholders in the power sector to design and implement a roadmap for uninterrupted power supply to homes and businesses in Lagos State.
“The draft of the Lagos State Embedded Power Bill was finalised in May 2017 and submitted to the National Electricity Regulatory Commission for clearance before same can be forwarded to the State House of Assembly,” the Governor said.
Mr Ambode added that, “The stakeholders’ meeting holding today is a continuation of the ongoing engagement between NERC and the Lagos State Government on the Lagos State Embedded Power Programme.
“We are convinced that the offer by our government to deploy the state’s balance sheet in support of power generation, transmission, distribution, gas supply, metering, collection and enforcement in Lagos State will significantly relieve the national grid and free more energy for distribution to other parts of Nigeria.
“The proposed power programme will generate up to 3,000MW of power through accelerated deployment of various power plants in strategic locations across the state by private sector power providers within three to six years.”
According to him, the state government would issue guarantees in support of the Power Purchase Agreements that will be signed between the distribution companies and the private sector embedded power providers to enhance bankability of the projects.
He added that the power generated under the programme will be distributed through the networks of Eko and Ikeja Distribution Companies while the state would support the distribution companies in upgrading their distribution infrastructure for embedded power areas in line with NERC guidelines.
“The state government will support the distribution companies in installation of smart prepaid meters in the areas where embedded power is deployed. We will institute a cost-reflective tariff regime that is fair to all stakeholders, sustainable and capable of attracting private capital to the sector on a continuous basis.
“Other areas of collaboration include support for revenue collection, legislation and establishment of an agency for enforcement of power theft laws in Lagos.
“Our prayer today is to seek the commission’s no objection letter for the Lagos State Embedded Power Programme, based on cost reflective tariff regime that is fair to all parties and capable of unlocking private sector investments into the power sector on a sustainable basis,” the Governor said.
Responding, the NERC’s Commissioner in charge of Legal License and Compliance, Mr Dafe Akpeneye, who stood in for the Commission’s Vice Chairman, promised that the NERC would work with the Lagos State Government to ensure the success of the programme.
“Within the ambit of the law and existing regulations, you have our unflinching support in this project.
“So in response to what you said in your prayers to us, Your Excellency, I reaffirm the support of NERC towards this project. Our commitment is to create a viable electricity industry that works for Nigeria and Nigerians.
“As the laws and regulations permit us, we will work with you on this project to ensure that it does see the light of the day,” Mr Akpaneye promised.
Akpeneye however called the Governor’s attention to some safety issues that concern the state.
He spoke about the right of way, standards and designs, electricity theft as well as customers’ enumeration.
He noted that a situation where the commission’s record indicates that there are only 1.2 million registered electricity customers in Lagos State is not tidy enough when almost all the houses in the state are connected to national grid.
Representatives of both Eko and Ikeja Distribution Companies at the meeting declared their support for the project, saying that it would be detrimental to the progress of Nigeria if they opposed it.
By Aduragbemi Omiyale
The profit after tax (PAT) of Lafarge Africa Plc for the first quarter of 2026 more than doubled to N97.95 billion from N48.64 billion in the same period of last year.
This was largely driven by volume-led revenue growth, sustained cost discipline, and prudent financial management.
Analysis of the results filed with the Nigerian Exchange (NGX) Limited, the leading provider of innovative and sustainable building solutions noted that it improved its net sales by 35 per cent year-on-year to N334.88 billion from N248.35 per cent in the corresponding period of 2025, supported by improved volumes, enhanced plant stability, and distribution efficiency, while operating profit went up by 97 per cent to N141 billion.
According to the chief executive of Lafarge Africa, Mr Lolu Alade-Akinyemi, these numbers “reflect continued progress in executing our strategic priorities” and also “underscore our continued focus on delivering sustainable value to our shareholders.”
He stated that sustained revenue growth and continued progress on cost and efficiency initiatives were responsible for the rise in operating profit.
Mr Alade-Akinyemi noted that the company will continue to leverage the industrial and technical expertise of its partner, Huaxin Building Materials Ltd, to further enhance operations and unlock additional efficiency gains.
He stated that the company would continue to focus on disciplined capital deployment and tight cost control in its operations while unlocking opportunities aligned with its growth priorities, explaining that the company’s volume growth, evident in sustained momentum in consumer demand, resulted from easing macroeconomic pressures and reduced global supply chain disruptions.
“We anticipate continued market expansion from Nigeria’s infrastructure and construction sector demand, underpinned by improving economic fundamentals and demand across key segments.
“Within this context, we remain focused on capturing volume growth opportunities across its operating markets, while maintaining disciplined cost optimisation initiatives to safeguard margins amidst global tensions,” he said.
While expressing profound appreciation to customers and loyal stakeholders for their support, he noted that the company would continue to do its best to deliver consistent performance and long-term value to shareholders.
“Our sustainability-led growth model continues to anchor our long-term value creation agenda, supported by the effective execution of our strategic priorities and an unwavering commitment to operational excellence,” he added.
By Adedapo Adesanya
The average price of refilling a 5kg cooking gas cylinder surged 12.60 per cent in March 2026 to N7,655.73 from N6,799.18 in February 2026, according to the latest estimates by the National Bureau of Statistics (NBS).
The NBS disclosed this in its Cooking Gas Price Watch for March, released this week.
It disclosed that on a year-on-year basis, the 5kg price climbed 4.55 per cent from N7,322.49 in March 2025, as Nigerians suffer the ripple effect of the Middle East crisis.
Kaduna had the highest state price at N9,212.21, followed by Lagos at N8,909.73, and Taraba at N8,802.78, while Bauchi recorded the lowest at N6,295.40, with Osun at N6,457.35, and Ondo at N6,598.10.
By zone, the North-West led at N8,137.81, trailed by the North-East at N7,890.53, while the South-South had the lowest at N7,300.95.
For 12.5kg cylinders, prices jumped 15.62 per cent month-on-month to N19,652.83 from N16,997.94 in the previous month, and rose 6.48 per cent year-on-year from N18,456.24.
Nasarawa hit the highest at N23,418.12, followed by Kaduna at N23,030.52, and Akwa Ibom at N22,816.74. Bauchi was lowest at N15,738.50, then Osun at N16,143.38, and Ondo at N16,495.25. The North-West zone averaged at N20,701.66, with the South-East lowest at N18,432.63.
The rise in the price of cooking fuel came as the closure of the Strait of Hormuz affected prices of liquified natural gas (LNG) and over 10 billion cubic feet per day (Bcf/d) of global LNG supplies. Coupled with other issues like volatile exchange rates, global market swings, and high transport costs to northern rural areas, the cost continued to bite.
LPG, priced in US Dollars, faces higher landing costs from Naira devaluation and imported supply reliance.
By Aduragbemi Omiyale
The one-for-three bonus share issue proposed by the board of Nigerian Exchange (NGX) Limited has been approved by shareholders.
The approval was given at the 65th Annual General Meeting (AGM) of the organisation on Wednesday. They also authorised the payment of the proposed N2.00 per share dividend for 2025.
Shareholders applauded the board and management for the group’s performance and strategic direction, urging continued focus on growth and long-term value creation.
They okayed the re-election of Mr Umaru Kwairanga as the chairman, Okechukwu Itanyi as an independent non-executive director, and Mrs Ojinika Olaghere as an independent non-executive director.
Speaking at the event, the president of New Dimension Shareholders Association, Mr Patrick Ajudua, commended the leadership of the firm for delivering a strong financial outcome, noting that the results reflect both improved market conditions and deliberate strategic execution.
“The numbers speak to a business that is gaining strength and direction,” he said.
Similarly, the chairman of the Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, lauded the group’s commitment to innovation and infrastructure development.
“The market is becoming more forward-looking, supported by strong leadership at the Group level. Initiatives around market infrastructure and participation are yielding results, and this is positive for investors,” he noted.
Mr Kwairanga, while addressing investors, appreciated them for their continued support and reaffirmed the board’s commitment to sustainable value delivery, saying, “The progress recorded reflects the strength of the group’s strategy and the performance of its operating businesses.
|As a board, our responsibility is to ensure disciplined oversight, uphold strong governance standards, and position NGX Group to deliver sustainable, long-term value to shareholders.”
The chief executive of NGX Group, Mr Temi Popoola, said, “This next phase is about deepening momentum. Our priority is to scale infrastructure, broaden participation, and unlock new pathways for capital formation.”
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