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Lagos seeking World Bank funding for 1GW solar energy, says Sanwo-Olu

Lagos Governor Babajide Sanwo-Olu has said that the state government plans to seek World Bank funding for the construction of 1GW of solar energy by 2030.

Governor Sanwo-Olu stated this in an address he published on his official Twitter.

He said the ‘Constitutional Alteration Bill No. 33’ signed by President Muhammadu Buhari recently, allowing states to generate, transmit and generate electricity “is a historic move.”

He explained that Lagos state had taken proactive measures by setting up the “Lagos Electricity Market,” which is meant to “increase access to electricity, investments, and job opportunities.”

He said, “We have been preparing for this by launching an Electricity Policy, publishing our off-grid strategy, presenting our Integrated Resource Plan and drafting a law to establish the Lagos Electricity Market.

“We’re committed to achieving 1GW of solar energy in Lagos by 2030 and have engaged with the World Bank for suitable funding.”

In the same vein, Governor Sanwo-Olu lauded the “Constitution Fifth Alteration Bill No. 32”, giving states the power to establish and run railway system. Sanwo-Olu said he believes the autonomy “is a significant move for promoting local economic growth and development.”

“It’ll open up investment opportunities and improve the transportation of goods and services,” the governor said.

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