Opportunities for Startups under the Nigerian Startup Act 2022

On 29th July 2024, the Nigerian government approved a game-changing directive for the oil industry. Starting October 1st, NNPCL will sell crude oil to local refineries in Naira, a move designed to stabilize fuel prices and ease foreign currency pressures. This development, beginning with Dangote Refinery, has sparked lively industry discussions on its legal and market implications.

The Lagos State Electricity Bill 2024 promises to reshape the power landscape of Lagos by creating an independent electricity market, reducing reliance on the national grid, and promoting renewable energy. With its focus on regulatory oversight, off-grid solutions, and combatting electricity theft, the Bill aims to attract investment, provide reliable power to underserved areas, and boost the state’s economic potential. This article explores key provisions and the anticipated impact on Lagos’ electricity market.