In this study, the wind electricity generation potential and energy cost at Ikeja were investigated using 31 years wind speed data obtained from Nigeria Meteorological Agency. The study addresses the challenges of inadequate electricity supply and the development of alternative source of electricity. The measured data, captured at 10m height were subjected to 2-parameter Weibull and other statistical analysis. Weibull analysis of wind speed showed good fit between actual data and Weibull predicted data confirming the adequacy of the model. The value of wind speed at 10m height ranged between 3.47m/s and 5.33m/s with annual average of 4.5m/s. Also, the Wind Power Density (WPD) ranged between 116.3 W/m2 and 423.3W/m2 with annual average value of 257.85W/m2 . The mean electric power outputs from the model turbines varied between 11KW and 290KW while its Capacity Factor (CF) ranged between 13.8% and 0.36%. Also, the generation cost per kilowatt-hour varied between $0.11 and $2.39 annually. Therefore, the wind energy potential at Ikeja could be adjudged marginal and belonging to wind power class 2. The generation cost of wind electricity is cost-effective in the months of April and August while cost-deficit in the remaining months of the year. The location is considered suitable for small to medium scale wind power generation, but economically infeasible for large scale grid connected wind electricity generation.