The Nigerian Independent System Operator (NISO) and the Nigerian Bulk Electricity Trading Plc (NBET) are strengthening collaboration to improve electricity market operations in Nigeria to foster a more efficient, transparent and investor-friendly electricity market.
The Managing Director/Chief Executive Officer of NISO, Engr. Abdu Bello Mohammed, said on Tuesday, that both agencies have intertwined responsibility to make the electricity market efficient and attractive to investors.
He said that the overall objective of the two agencies was to ensure stable and reliable power supply to Nigerians, adding that NISO was open to collaborating with NBET and other stakeholders to holistically address the challenges of liquidity in the sector.
“I welcome you to NISO’s office and congratulate you on your appointment. Our organization and NBET share a lot in common. While we manage the service aspect of the electricity market, you manage the energy. Historically, NISO and NBET have always worked in synergy. So what we need now is to improve that under the new leadership,” he said.
He said the goal of establishing these agencies was to ensure that Nigerians enjoyed stable power supply, adding that NISO was determined to work together with NBET and other agencies to achieve it.
He described the Minister of Power as someone with great vision and an open mind, pointing out that they owed him and Nigerians the obligation to unite under his leadership to share ideas and address the challenges in the sector.”
Maintaining that NBET was a prime agency well positioned to have an inseparable responsibility with NISO, he assured that, “we will work together to ensure that the common goals the Electricity Act 2023 reforms hope to achieve under this administration are achieved.”
On his part, the MD of NBET, Dr. Akinola Odeyemi, in his remarks, commended NISO for what it is doing to stabilize and improve the electricity market, noting that his organization would continue to work hand-in-hand to ensure that the gains recorded so far are not only sustained but improved upon.
He averred that upon his appointment, he thought it wise to visit and familiarize himself with sister agencies to see areas where they could work more closely together to achieve their overall mandates.
“Particularly, we are here to discuss further collaboration on market settlement, revenue alliance, coordination, and the overall strategies to improve the electricity market,” he said.
Odeyemi assured that under his leadership, NBET would continue to maintain a robust relationship with NISO and other agencies in the sector to ensure the electricity market continues to grow and attract investment that will ultimately translate into improved electricity supply in the country.
