BY PETER EGWUATU

Governor Babatude Fashola has commended Fidelity Bank Plc for supporting the Independent Power Project (IPP) in the state, urging other banks to emulate the bank in the quest to develop the country in general.

He gave the commendation during the commissioning ceremony of the Lagos Island Power Project last weekend saying, “ State and Federal Government should create enabling environment to enable the private sector to participate in developing the economy. Once good governance is in place the private sector would be ready to key in and take advantage of opportunities that will arise.”

Governor Fashola also disclosed plans by the State to build additional 100 mega watts in Lagos Island, to further boost electricity supply in the State.

While commissioning the State’s 14 megawatts Island Power Project which was financed by Fidelity Bank Plc, Fashola disclosed that its administration has completed power audit for at least 500 buildings on the central business district of Lagos Island in the axis of Broad Street and Marina and its immediate environs.

According to him, “Experts have told me that it is possible to deliver the remaining 100 mega watts in 24 months and the only thing that stands on our way is to get gas across from Ijora to Lagos Island. There is a group that has shown interest, but whatever it takes, we would ensure that we take that gas across the Lagos.”

According to the Governor, the state has received a lot of entreaties to expand the new Island Power Project, adding that the State is committed to doing so. He emphasized that the government would also extend the project to other parts of the state.

Continuing, he said, “it is not the Island alone that we are concerned, we are also concerned about the whole of Lagos, but this is where it would be easy to start from.

This new plan will fully power the Lagos High Court, the Igbosere Magistrate Court, the General Hospital, and the Lagos Island Maternity Hospital. Apart from providing electricity uninterrupted and in an efficient manner, this new plant will save Lagos state about 46 per cent of its revenue that it spends currently on diesel and generator.

“Secondly, it reduces the emission and the noise and perhaps, a very adverse on the quality of our life and our ultimate life expectancy. In the short term, it will be taking off at least 30 generators out of the system. They will no longer contribute to the noise and.

We have also commissioned the power audit for Somolu. We believe that with the printing business in Somolu, which for me is the capital of printing business in Nigeria, those entrepreneurs deserve to be supported to reduce the cost of their business,” Fashola explained.

In his remark at the commissioning ceremony, Managing Director/CEO, Fidelity Bank Plc, Mr. Reginald Ihejiahi commended Governor Fashola for his amiable and visionary leadership.

According to him, “ Governors of other states should replicate what Governor Fashola is doing in Lagos. Once good governance is in place the government should be assured that the private sector would be ready to commit resources to develop the country.