UNGA: Sanwo-Olu calls for private investment in power sector in Lagos

Gov. Babajide Sanwo-Olu made the call at the Corporate Council on Africa Forum on the sideline of the ongoing 74th Session of the United Nations General Assembly (UNGA) in New York, United States.

In a statement by Chief Press Secretary to Governor, Gboyega Akosile, Sanwo-Olu said that if realised, the 9,000 megawatts would make Lagos to be self-sufficient in electricity supply.

He said that his administration was open to private investment in clean energy to enable Lagos attain its aspiration of transforming to a 21st century economy driven by technology and innovation.

According to him, adequate electricity supply will also help the state to fully unlock the potential of its tourism sector and waterway transportation.

Gov. Babajide Sanwo-Olu at the 74th United Nations General Assembly [Twitter/@jidesanwoolu] Pulse Nigeria

He said that his government had been reviewing the state’s Public Private Partnership (PPP) policy, with the aim of boosting investors’ confidence on returns in their investment.

Sanwo-Olu said that the PPP policy would drive more investments in critical areas of the state’s economy.

”Lagos, as the fifth largest economy in Africa, accounts for 60 per cent of Nigeria’s GDP, in which manufacturing sector accounts for about 30 per cent.

”Despite this potential, we have energy deficiency of about 9,000 megawatts, which is required to give the economy the needed support for more growth.

”We are open to investment in independent power generation to address energy deficit, which would help to fully unlock opportunities in tourism sector, infrastructure and technology business,” he said.

Gov. Babajide Sanwo-Olu at the 74th United Nations General Assembly [Twitter/@jidesanwoolu] Pulse Nigeria

Sanwo-Olu said that technology and innovation had been changing the face of land transportation in Lagos, especially with the introduction of flexible services in commercial motorcycle operations and cab business to support rapid movement of people.

”We are bringing a solution that will give residents a new experience in integrated mass transit system.

”We are scaling up infrastructure on the BRT corridors on our roads, finishing the light-rail project and strengthening the capacity of waterways transportation to boost services in these areas.

”We are coming up with a solution that would allow residents to use single ticket to access the services of the three methods of transportation,” he said.

Sanwo-Olu also said his government would be expanding the services of the Lagos State Health Insurance Scheme to increase affordability of quality healthcare for the most vulnerable in the state.

Gov. Babajide Sanwo-Olu at the 74th United Nations General Assembly [Twitter/@jidesanwoolu] Pulse Nigeria

achieve this, he said that the state would be seeking private investment in the provision of funds that would enable public-owned Health Maintenance Organisation (HMO) to efficiently manage the scheme.

Speaking on environmental programmes, Sanwo-Olu said Lagos had keyed into the United Nation’s agenda of reducing the carbon footprint from the environment.

He said the introduction of Blue Box Programme was aimed at addressing observed challenges in municipal waste management, as well as building the foundation for a retail business in recycling and waste sorting.

The governor said that the initiative would enable the state to create more jobs and wealth from recyclable waste materials.