Lagos State Governor, Mr. Babajide Sanwo-Olu, has called for stronger global investment and financing mechanisms to accelerate the transition to renewable energy across Africa.
Sanwo-Olu made the call while participating in discussions on the “Electrify Now” agenda at the Global Renewables Summit, where he highlighted the urgent need to expand access to reliable, clean and affordable energy.
The governor said the energy needs of Lagos, with a population of more than 24 million people, required immediate action, stressing that the state could not afford to delay efforts to improve access to sustainable power.
He said the outcomes of the forthcoming COP31 should be translated into concrete actions capable of advancing renewable energy development and addressing the energy challenges facing communities across Africa.
According to Sanwo-Olu, the continent possesses significant natural resources required to support the renewable energy transition. However, he noted that unlocking these resources would require appropriate investments, effective partnerships and financing models that make clean energy affordable and accessible to citizens.
The governor disclosed that he had approved 15 renewable energy distribution projects in Lagos as part of efforts to expand clean energy access across the state.
He, however, identified access to funding as one of the major obstacles limiting the implementation of renewable energy projects. Sanwo-Olu noted that although financing opportunities exist, investors are sometimes reluctant to take the initial risks associated with projects in emerging markets.
He called for stronger collaboration between governments, investors, financial institutions and development partners to bridge the funding gap.
Sanwo-Olu stressed that Lagos was prepared to play its role in advancing the renewable energy transition and creating an enabling environment for sustainable investments.
He also advocated a global financing system that takes into account Africa’s unique challenges and opportunities, arguing that the continent should have a meaningful role in shaping solutions to the global energy transition.
The governor maintained that achieving an equitable global energy transition would require Africa to be recognised not only as a beneficiary but also as an active contributor to the solution.
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