General
Lagos Moves to Regulate Electricity Market
By Adedapo Adesanya
The Lagos State government is in the process of enacting a law to regulate the electricity market in the state, Business Post has learnt.
This call was made by the Lagos State Commissioner for Energy, Mr Olalere Odusote, while delivering a keynote address at the closing of the 3rd Lagos Real Estate Market Place Conference And Exhibition in Lagos.
Speaking at the event themed A Town Hall Meeting On The Lagos Real Estate Emerging Markets – Mitigating The Potential Risks, the Commissioner explained that this became necessary as most private individuals and businesses in Lagos utilised diesel-powered generators rather than electricity from the national grid.
According to him, the two distribution companies in Lagos State, the Eko Electricity Distribution Company (EKEDC) and Ikeja Electricity Distribution Company (IKEDC) – established nine years ago, sell about 800 to 900 megawatts initially and have only improved to 1,000 megawatts nine years after.
“Nothing has changed in the national grid sector nine years after.
“However, Lagos State, within a spate of nine years, had grown from having about 8,000 megawatts of installed diesel capacity to about 23,000 megawatts.
“The diesel market of the off-grid market has grown by about 300 per cent, but the grid market has not grown at all or just about one to two per cent,” he said.
He added that the state injected almost 1,000 transformers into the grid to improve electricity supply to its residents, but without the desired result.
Mr Odusote said a lot of the energy utilised in Lagos comes from diesel generators and that because of the high population of the city, the emission from that energy source had become unsustainable.
The Commissioner explained that Lagos had been projected to be the city with the largest population in the world in 50 years; therefore, energy for the housing infrastructure needed for the population must be put into consideration.
Mr Odusote said that was why the state government came up with the Lagos Electricity sector policy, with the aim of providing universal access to electricity for all residents of the state.
He stated that the draft of the Lagos electricity law had been completed and was before the state’s House of Assembly for consideration.
Mr Odusote explained that the bill, when implemented, would take regulation of electricity from the centre and domicile it with the Lagos regulatory agency.
“The Nigerian constitution domiciles the responsibility of regulation and distribution of electricity with the state government, but when the law was passed in 2002, many states were not ready for the responsibility.
“Many housing estates in the state run on diesel generators because they are unable to benefit from the grid, yet they cannot share from the excess capacity they currently have because the Federal Government does not permit it.
“Lagos is now ready, willing and in the process of passing the law. It means we will be able to locally determine our faith when it comes to electricity,” he said.
According to him, the Lagos Regulatory Agency will work with the residents and the state government to determine the need of the electricity market and make laws that will enable investors to invest in identified gaps.
The Commissioner said the state was working with the Federal Government to ensure its laws were reviewed and the new law passed at the National Assembly aligned with the state’s law and in line with the development of the sector.
Mr Odusote explained that the state was working with the stakeholders and other private sector operators to create a framework that would ensure that by 2036, there is the availability of electricity in the state.
By Adedapo Adesanya
Nigeria’s National Economic Council (NEC) has approved the establishment of Cotton, Textile and Garment Development Board as part of efforts to drive non-oil revenues.
This was disclosed by the Governor of Imo State, Mr Hope Uzodinma, while briefing State House Correspondents at the end of the 149th NEC meeting chaired by the Vice-President, Mr Kashim Shettima, on Thursday at Presidential Villa, Abuja.
He explained that in order to make the board function effectively, the council approved a proposal for Public-Private Partnership (PPP).
Mr Uzodinma stated that the chairman of the board would be selected from the private sector, adding that the body would be funded from import levies on textiles.
“The National Economic Council, among others things, received a representation from the members and leadership of Cotton, Textile and Garment Development Forum.
“These are private sector operatives who are into the cotton business, garment and textiles and the presentation highlighted their proposal on how to revitalise the cotton industry in Nigeria.
“The council endorsed the presentation and approved the establishment of a National and regional Offices for the board in each of the six geopolitical zones for proper coordination,” said Mr Uzodinma.
On his part, Governor Douye Diri of Bayelsa said the council also received proposal from the Minister of Livestock Development on acceleration strategy for the livestock industry.
He said the presentation was on on a plan to transformation the livestock industry between 2025 and 2030, stating that the strategy was built on the national livestock growth acceleration plan, which is expected to transform the sector to create jobs, export products and serve as an engine room for internally generated revenue.
“The projection is that the strategy will generate between $74 billion down and $90 billion in that sector by the year 2035.
“It will be a direct partnership with the state governors, the private sector and foreign investors under a very sound federal regulatory umbrella,” said Mr Diri.
He added that the investment would be prioritised into five key pillars between 2025 and 2026, saying the pillars are: animal health and zones control, feed and further development, water resources management, statistics and information and livestock value chain development.
By Adedapo Adesanya
The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced plans to commence the disbursement of the $700 million Cabotage Vessel Financing Fund (CVFF) within the next four months.
Last week, the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, instructed the maritime regulator to initiate the long-awaited disbursement process for the fund.
This directive marked a significant shift from over two decades of administrative stagnation and ushers in a new era of strategic repositioning of Nigeria’s indigenous shipping.
Speaking on Wednesday, NIMASA’s Director General, Mr Dayo Mobereola, providing a timeline for the disbursement said this will happen within the next four months, which by calculation, is August 2025.
He made the announcement during an oversight visit by the House of Representatives Committee on Maritime Safety, Education, and Administration in Abuja, according to the News Agency of Nigeria (NAN).
“We are acting in accordance with the directive of the Minister to ensure indigenous shipowners finally have access to this critical funding. The guidelines have been streamlined based on the Minister’s approval, so beneficiaries can access the funds within three to four months,” he said.
“To effectively manage the $700 million intervention fund, the number of Primary Lending Institutions (PLIs) has been expanded from five to twelve.”
The CVFF, established under the Coastal and Inland Shipping (Cabotage) Act of 2003, was designed to empower Nigerian shipping companies through access to structured financing for vessel acquisition. However, successive administrations failed to operationalize the fund—until now.
According to Minister Oyetola, the disbursement of the CVFF will represent not just the release of funds, but a profound commitment to empowering Nigerian maritime operators, bolstering national competitiveness, and fostering sustainable economic development.
“This is not just about disbursing funds. It’s about rewriting a chapter in our maritime history. For over 20 years, the CVFF remained a dormant promise. Today, we are bringing it to life—deliberately, transparently, and strategically,” he stated.
NIMASA, in alignment with the Minister’s directive, has already issued a Marine Notice inviting eligible Nigerian shipping companies to apply.
Qualified applicants can access up to $25 million each at competitive interest rates to acquire vessels that meet international safety and performance standards.
The fund will be administered in partnership with carefully selected and approved Primary Lending Institutions (PLIs), ensuring professional and efficient disbursement.
By Adedapo Adesanya
The Ogun State Government, through its Environmental Protection Agency (OGEPA,) has sealed four industries for environmental infractions.
According to a statement by the spokesman of the agency, Mr Luke Adebesin, the affected organisations are Fortune Height Farms Limited and Sanda Wood Industry Limited, both in Odogbolu Local Government, Shengceramic Material Limited in Ogere axis of the Lagos-Ibadan Expressway and Nehemiah Grace Developer Limited at Ijako in Ado-Odo, Ota Local Government.
The Special Adviser to the Governor on OGEPA, Mr Farouk Akintunde, reiterated that all companies must comply with operating and environmental standards laid by the state.
The agency alleged that Fortune Height Farms Limited, which is into production of eggs and catfish, was sealed after a petition was received from its host community for discharging untreated influence into the environment.
Sanda Wood Industry Limited was sealed for allegedly denying government officials access into its facility while engaging in open burning, while Nehemiah Grace Developer Limited was sealed for encroaching on the waterways and constructing drainage without the state government permit.
“Ogun State government will not fold its hand and allow these industries to violate our Environmental laws,” the agency said, adding that it will continue to ensure that the South Western state is safe and secure.
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