Dr. Lanre Babalola (born 1968, educated in the UK) is a renowned specialist in the Nigerian electricity industry. He completed his doctorate degree in Energy Economics in 1999 and has held a number of positions in the private and public sectors over the years.
In the earlier years of his career, he worked as an investment banker in Lead Bank PLC and went on to join the Power Team of the Bureau of Public Enterprises (BPE) in 2001, as a sector specialist, under the USAID (and later World Bank) assisted programme.
In 2005, he was appointed head of the NERC Set-up Team with responsibility for setting up the Nigerian Electricity Regulatory Commission (NERC). He became one of the pioneer management staff of NERC with specific responsibilities for economic regulation.
During his tenure at BPE, Dr. Babalola advised the Federal Government on the appropriate industry structure to foster competition and choice in the industry, PHCN change management, implementation of the tariff regime.
In 2008, based on the strength of his contributions to electricity policy and reform implementation, he joined the infrastructure team established under the aegis of the Office of Chief Economic Adviser to the President for implementation of Seven-Point Agenda programme.
In December 2008, Dr. Babalola was appointed Minister of Power by the late President Umar Yar’adua on the strength of his experience and expertise in the electricity industry.
Some of the notable achievements he recorded in office include: formulation of diversification strategies and policy initiatives for improving security of supply, advancement of the reform program, sanitisation of performance and energy accountability, and unprecedented budget performance.
After his stint in the public sector, Dr. Babalola returned to private practice where he continues to work in the electricity industry providing advice and assistance to private and public-sector clients. He has a number of seminal papers to his credit, which have been presented at various conferences and workshops.