- Governor Sanwo-Olu has said his administration is partnering with Sweden and Japan to establish clean energy projects in Lagos state.
- According to Governor Sanwo-Olu, Lagos state is always looking for innovative solutions to reduce our carbon footprint and increase the sustainability of our investment in transportation infrastructure and services.
- This plan is in line with the 1 gigawatt (GW) solar power target set by Sanwo-Olu in March 2023.
Lagos state is partnering with Sweden and Japan on clean energy projects. This is according to the Executive Governor of the state, Babajide Sanwo-Olu. He made this known on Friday, May 12 via his official Twitter account.
According to him, both countries paid him courtesy visits to discuss potential clean energy projects in the state. He wrote:
- “I am committed to providing efficient, safe, and sustainable public transportation for our citizens. That’s why I’m excited to be discussing clean energy projects with the Swedish envoy, Ms. Annika Hahn-Englund and the Japanese ambassador, Mr Matsunaga Kazuyoshi who paid courtesy visits today.
- “Our commitment to sustainable development means we are always looking for innovative solutions to reduce our carbon footprint and increase the sustainability of our investment in transportation infrastructure and services.
- “Working with a leading Swedish partner, a feasibility study of the capacity of the Lagos Metropolitan Area Transport Authority which is currently ongoing will help us achieve this goal.
- This will also translate to how seamlessly we diversify from our use of fossil fuels to clean energy that will reduce emissions as well as improve the quality of the environment.”
According to Governor Sanwo-Olu, his administration wants to provide modern infrastructure around waterways, road and rail.
While highlighting the administration’s interest in circular economy projects, Sanwo-Olu said the state government wants investors that bring in opportunities that align with the vision of a cleaner, safer, and more efficient transportation network.
Investing in clean energy
In recent times, Governor Sanwo-Olu has expressed interest in increasing clean energy access in Lagos state. In a 40-page electricity document, renewable energy is one of the short to long term plans of the state.
Governor Sanwo-Olu has also said that the recent constitutional amendment granting states the power to generate, transmit and distribute electricity has helped Lagos state in its quest to target 1GW solar power by 2030, and will also increase the number of investors in the state.
Recently, the World Economic Forum suggested a few ways to reduce the risks that clean energy investors face in Nigeria. Some of these solutions include:
- A revenue assurance fund could reduce off-taker risk by providing a level of financial security for investors by ensuring reliable and predictable revenue streams.
- Harnessing local accelerators and training programmes to enable developers to gain practical skills in infrastructure project financing and development.