The Lagos State Government is set to review private investment opportunities and private-sector participation in the state’s electricity market in November, as it assesses developments under the Lagos State Electricity Law, 2024.
As reported by Nairametrics on Thursday, the government disclosed this in a statement from the Ministry of Energy and Mineral Resources ahead of the second Lagos Energy Summit, scheduled for November 10 and 11, 2026, in Victoria Island.
The summit, originally planned for September, was moved to November to allow for further preparations. It will focus on implementation of the 2024 law, particularly its implications for private-sector participation and investment across the electricity value chain, and will examine how the evolving regulatory framework can support a reliable and sustainable market. Renewable energy, electricity infrastructure and decentralised generation are expected to feature prominently.
The Commissioner for Energy and Mineral Resources, Biodun Ogunleye, said the summit would assess progress since the law was enacted and open the way for strategic partnerships and investments that deliver measurable outcomes across generation, transmission and distribution.
The discussions come as several private power projects move through licensing, construction and development stages across Lagos, while others remain under regulatory review. One of the latest is Fenchurch Power Limited’s 26MW rebuild of the Akute Independent Power Plant, being delivered through its concession with the state government. The plant is designed to supply dedicated power to the Akute Intake, Iju Waterworks and Adiyan Waterworks, with surplus going to Ikeja Electric’s network. Fenchurch began site work in September, replacing the existing engines with new MWM gas engines. About 10MW is expected to come online within four months, with the remaining 16MW within 12 months.
The Akute project is part of wider supply arrangements the state signed in April with Mainland Power, Fenchurch Power and Viathan Engineering, which aim to lift generation in Lagos from under 60MW to between 200MW and 400MW over the next two to three years.
Elsewhere, Elektron Energy Development received an operational licence in September for its 40MW Victoria Island Power project, which is expected to begin commercial operations in December and supply businesses through a dedicated distribution network. Sahara Power Enterprises Group started construction in August on a 12MW independent power plant in Ogba, reportedly involving a $12 million investment and targeted for completion in the first quarter of 2027.
Private participation is also extending beyond large independent plants into off-grid generation, embedded generation, private distribution and mini-grids. In May, the Lagos State Electricity Regulatory Commission approved 14 licences and permits covering these areas. Among them were Axxela’s 5.8MW off-grid project for Cadbury Nigeria in Agidingbi, a 9MW embedded generation project by Isolo Power Gen, and an independent distribution network licence for Isolo Power Supply.
LASERC documents also showed a wider pipeline of applications under consideration, including proposed 10MW, 24MW, 30MW and 50MW projects in Epe, Apapa, Agidingbi and Ibeju-Lekki respectively. These have not been approved and so do not represent operational or committed capacity.
Together, the projects reflect a growing range of private participation, from dedicated supply for critical infrastructure to industrial and commercial customers, private distribution and decentralised generation. The November summit is expected to give government and private-sector stakeholders a chance to assess progress under the 2024 law and identify further investment and partnership opportunities.
