By Favour Ifeoluwa & Akinola Ajibade The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
This means that a new deep seaport is coming to compliment the almost completed deep seaport at the Lekki Free Trade Zone.
Earlier in the week, the government received approval to build an airport in the state.
When the two are deployed, it will reduce the pressure on the seaports at Apapa area of Lagos and free the roads that are always clogged with traffic.
The final approval now authorises and provides legal basis for the concession of the Badagry Deep Seaport, following the issuance of the Full Business Case Certificate by the Infrastructure Concession Regulatory Commission (ICRC) last April.
The project, which will be funded through Public Private Partnership (PPP), will be built on approximately 496 hectares.
Part of its facilities include 2,470m quay length container terminal, 560m quay length break bulk terminal, 360m quay length OSB terminal and minimum of 18m depth.
Also, it is expected to generate 250,000 direct jobs, enhance government revenue and operate under a Build Operate and Transfer (BOT) concession agreement.
This aside, a Memorandum of Understanding (MoU) with Siemens Energy Limited and German-owned Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) signed by Gov Sanwoolu in order to set up an Energy Training Centre of Excellence at the Government Technical College in Ikorodu.
The training , which will be conducted in collaboration with the Lagos State Technical and Vocational Education Board (LASTVEB), will provide a Needs-based technical and vocational education to over 16,000 young people between ages 15 and 35.
The programme is expected to produce highly skilled industry technicians with modern practice-oriented. Sanwo-Olu said a 30 per cent slot would be allocated to female candidates to enhance women participation in engineering education.
The Governor said: “We are excited that Lagos is on the way to having another deep seaport on the Western side of the city. Before the end of this year, we will be commissioning the Lekki Deep Seaport on the Eastern side. What it means is that, what we have been suffering as a logistics and commerce hub of West Africa will be addressed when we increase maritime infrastructure that improves turnaround time in this sector. With this, Lagos is assured to remain the economic and commercial nerve centre of the entire sub-Saharan Africa.
“The deal with Siemens and GIZ, which are German companies, is another promise made and promise kept. We gave a commitment to this partnership because of the conviction we have for its necessity. Thousands of Lagosians will be trained with industry-required skills for the future of work at our Vocational Training College. We are excited because we are not only transferring skills to people in Government, but private citizens as well. The best technicians in Germany will be conducting these trainings.”
Sanwo-Olu also approved an Executive Bill titled “Lagos State Wealth Fund (LSWF)”. Lagos is set to becoming the first sub-national entity in the country to introduce the bill, which the Governor said would reinforce the State Government’s commitment to prudent management of resources and the delivery of shared prosperity to generations of Lagosians.
According to Sanwo-Olu, the bill has four main objectives, which include creating an accessible savings for Lagos in times of dwindling revenues, accelerating development and the delivery of critical infrastructure, stabilising the economy of the State by protecting its revenue from external shocks, and promoting investment and research in technology and innovation.
The bill, the Governor said, will be incorporated as a statutory entity and will subscribe to the highest level of corporate governance. The bill is transmitted to the House of Assembly for legislative approval.
Sanwo-Olu signed an agreement with Del York International Group for the entertainment giant to develop a purpose-built Lagos Film City and ancillary infrastructure to reposition Lagos as the hub of entertainment.
“The project will be located in Epe and sited on 100 hectares. It will be a mixed-use campus with the capacity to support daily activities of 5,000 to 10,000 visitors. The facility will be a sanctuary of entertainment, leisure, learning and it will be a place where films and creative industry professionals can live, learn and play,” Sanwo-Olu said.
The Governor signed the Lagos State Administration of Civil Justice Bill 2022 to address Ease of Doing Business.
Sanwo-Olu pledged before the gathering, comprising top Government functionaries, captains of industry, business leaders, diplomats, entrepreneurs and investors, that his administration would implement all the resolutions reached at the summit before the next edition in 2024.
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