The Lagos State Government, on Thursday affirmed its complete endorsement of the Federal Government’s initiative toward fully liberalizing and deregulating the power sector.
The Commissioner for Commerce, Cooperatives, Trade, and Investment, Folashade Ambrose-Medebem, emphasized the crucial role of power in propelling and maintaining economic growth across the country.
Speaking at a one-day symposium organised by the Lagos State Cooperative College, with the theme: “Venturing into Power Sector: The Electric Cooperative Model,” held in the Agege area of Lagos, Ambrose-Medebem said, “Power is needed to drive and sustain economic growth and as such, the current attempt at full liberalisation and deregulation of the power sector is highly welcomed.”
The commissioner, represented by Zulikat Ibrahim, the Director of Cooperative Services, highlighted that in developed nations, power supply received immense priority.
She also stated that these countries made substantial multi-sectoral investments in affordable power solutions to ensure a consistent and stable supply for productive activities.
Expressing her belief, she inferred that the existing regulatory framework within the power sector could significantly alter the landscape ahead.
This would only happen if the nation capitalized on the existing opportunities by making informed business and investment decisions.
