Lagos to overhaul oil and gas sector as Assembly strengthens Energy Bill

The Lagos State House of Assembly is to overhaul the state’s energy sector through legislation to strengthen its oil and gas participation.

To this end, the House held a public hearing on Thursday on the proposed Ibile Energy Corporation Law, which aims to broaden Lagos’ participation in oil, gas, and renewable energy ventures.

If passed, the bill will replace the Ibile Oil and Gas Law of 2015 and empower the new Ibile Energy Corporation to invest in upstream, midstream, and downstream oil and gas activities, as well as electric vehicle infrastructure and other clean energy solutions.

The Chairman of the House Committee on Energy and Mineral Resources, Hon. Oluwa Sabur, said the bill would position Lagos as a key player in the energy market while supporting the state’s transportation and industrial development goals.

“This bill seeks to transition Ibile Oil and Gas into Ibile Energy with an expanded mandate to play in oil and gas, renewable energy, and other sectors critical to the state’s economic growth,” Sabur explained.

In a keynote address, Speaker Mudashiru Obasa, represented by Deputy Speaker Meranda Mojisola Lasbat, stressed that the legislation is “pivotal” in meeting Lagos’ rising energy demand.

“With the discovery of oil in commercial quantities within Lagos, this law positions us among global oil-producing entities while creating opportunities to diversify into renewable energy,” Obasa said.

He added that the law would boost state revenue, create jobs through investments in gas processing, petrochemicals, and pipeline infrastructure, and ensure effective governance through a board of experts with proven integrity.

The Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, described the bill as a bold step to make Lagos competitive in the global energy market.

“This bill is more than legislation—it is a tool to empower our people and advance clean energy initiatives,” he said.

The hearing highlighted Lagos’ ambition to strengthen its energy sector while driving economic growth, environmental sustainability, and industrial expansion.