The Nigerian Electricity Regulatory Commission (NERC) has officially transferred regulatory oversight of the electricity market in Lagos State to the newly established Lagos State Electricity Regulatory Commission (LASERC).

This significant move comes just two weeks after Governor Babajide Sanwo-Olu signed the Lagos Electricity Bill 2024 into law.

In a statement released on Thursday, NERC confirmed that the transfer aligns with the amended provisions of Nigeria's Constitution and the Electricity Act of 2023, which empower states to regulate their own intrastate electricity markets.

The commission noted that Lagos State had met all legal requirements by formally notifying NERC and requesting the transfer.

This transition is expected to be completed by June 4, 2025, allowing LASERC to oversee the generation, transmission, and distribution of electricity within the state. NERC emphasized that while it will continue to regulate national electricity activities, LASERC will serve as the designated authority for Lagos's local electricity market.