The Lagos State Government has highlighted its newly introduced electricity cooperative model as a potential remedy for the country’s struggling energy sector, specifically within the state. Mrs. Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade & Investment, addressed this pivotal initiative during a one-day inaugural symposium held in Lagos.
The symposium, themed “Venturing into Power Sector: The Electric Cooperative Model,” organised by the Lagos State Cooperative College, aimed to explore this innovative approach to power delivery.
Ambrose-Medebem, represented by Mrs. Zolikat Ibrahim, the ministry’s Director of Corporate Affairs, emphasised the college’s robust financial turnover of N70 billion annually, positioning it to delve into the power sector value chain, ensuring reliable and affordable electricity provision.
Highlighting the significance of the Electricity Act, 2023, signed by President Bola Tinubu in June 2023, Ambrose-Medebem stressed the cooperative model’s potential to resolve energy challenges across distribution, generation, and transmission channels.
The commissioner underscored the dire need for private sector investments to ameliorate the perennial issues in power supply, which have long plagued the country.
Expressing the urgency of the symposium amidst the country’s frustration with energy challenges, Ambrose-Medebem pointed out the multifaceted impact of erratic power supply on quality of life, productivity, and economic growth.
Recognising the Federal Government’s steps towards addressing power sector issues, she highlighted Lagos State’s proactive measures, establishing the Lagos State Electricity Board under the Ministry of Energy and Mineral Resources.
Ambrose-Medebem emphasised the critical role of power in propelling economic growth, endorsing the ongoing efforts towards full liberalisation and deregulation of the power sector.
Various speakers, including Mr. Akorede Ojomu, the Provost of the college, and Mr. Abiola Olowu, the Special Adviser on Energy Resources to Sanwo-Olu, endorsed the electric cooperative model. Dr. Usman Mohammed, former managing director of the Transmission Company of Nigeria (TCN), highlighted the lack of investment and managerial capacity as major issues in the Nigerian power sector, suggesting that the cooperative model could address the deficiencies in power supply.
The symposium aimed to champion the adoption of the electric cooperative model in electricity generation, transmission, and distribution, as part of the college’s mandate pursuant to its establishment law.
