Lagos Assembly Moves To Give Legislative Support To Oil, Gas Sector

Lagos State House of Assembly has introduced a bill to provide legislative support for oil and gas exploration in the state.

Speaker of the Assembly, Rt Hon. Mudashiru Obasa, in his remark during a public hearing on a bill to establish the Ibile Energy Corporation, said that energy remains a vital driver of modern life and economic growth as every individual, household, and enterprise depends, in one way or another, on oil, gas, or alternative sources of energy.

Represented by Deputy Speaker Hon Mojisola Miranda, he noted that the bill’s primary objective is to meet the state’s growing energy demand by strategically investing in oil, gas, and renewable energy activities.

The Speaker averred that with the discovery of oil in commercial quantities within Lagos State, the legislation positions the state among global oil-producing entities while creating new opportunities to diversify into renewable energy solutions.

He explained further that the bill’s benefits are multifaceted, including revenue generation and, by extension, empowering governments to undertake more life-changing developmental projects.

Obasa also said the law will stimulate massive job creation for our people by enabling investment in midstream oil and gas activities such as gas processing, pipeline deployment, and petrochemical plants.
The ventures he averred will attract industries, expand employment opportunities, and improve livelihoods across the state.

The Chairman of the House Committee on Energy and Mineral Resources, Hon Sabur Oluwa, said the bill, if passed, will replace the Ibile Oil and Gas Law of 2015 and empower the new Ibile Energy Corporation to invest in upstream, midstream, oil stream, and gas activities, as well as electric vehicle infrastructure and other clean energy solutions.

He stated categorically that the bill would position Lagos as a key player in the energy market while supporting the state’s transportation and industrial development goals.