Odu’a Investment Company Limited and Elektron Energy Development Strategies Limited have entered a joint venture to build a 50-megawatt gas-powered plant in Lagos, in a move aimed at improving electricity supply for industries operating in the state’s busy commercial zone.

The facility, valued at about $40 million, will be developed within the Ogba industrial axis at the site of the former Cocoa Industries Limited Complex in Ogba Industrial Estate. It is expected to serve manufacturers and businesses that currently depend heavily on diesel generators due to unstable grid electricity.

Officials say the project will be executed through a special purpose company, combining Odu’a’s regional investment strength with Elektron’s experience in embedded power solutions. The plant is designed to supply electricity directly to nearby industrial users, cutting operational costs and improving reliability.

Speaking at the signing of the agreement in Lagos, leaders of the partnership described the initiative as a strategic step toward strengthening industrial productivity and energy security in the South-West region. They noted that steady power supply remains key to attracting and sustaining manufacturing activities.

Representatives from Odu’a Investment Company Limited said the project aligns with their broader goal of supporting infrastructure that drives economic growth and long-term development in the region.

Elektron Energy also explained that the focus is not just on generating electricity, but on building a system that supports business expansion and can be scaled over time as demand increases.