From David Onuoja, Abuja
The Nigerian Independent System Operator (NISO), in collaboration with the Nigerian Bulk Electricity Trading Plc (NBET), has agreed to strengthen cooperation and improve electricity market operations in Nigeria, with the aim of fostering a more efficient, transparent and investor-friendly market.
Speaking in Abuja recently, the Managing Director and Chief Executive Officer of NISO, Engr. Abdu Bello Mohammed, said both agencies had intertwined responsibilities in making the electricity market more efficient and attractive to investors.
He said the overall objective of the two agencies was to ensure stable and reliable electricity supply to Nigerians, adding that NISO was open to collaborating with NBET and other stakeholders to holistically address liquidity challenges in the sector.
Mohammed said NISO and NBET had historically worked in synergy and needed to strengthen the relationship under their new leadership. According to him, while NISO manages the service aspect of the electricity market, NBET manages the energy component, making close cooperation between the two agencies essential to the success of the sector.
He said the agencies must work together to achieve the objectives for which they were established, stressing that they owed Nigerians the responsibility to unite, share ideas and address challenges confronting the sector. He added that the collaboration would also support the implementation of the reforms introduced under the Electricity Act 2023.
Also speaking, the Managing Director of NBET, Dr Akinola Odeyemi, commended NISO for its efforts to stabilise and improve the electricity market, assuring that his organisation would continue to work closely with NISO to ensure that the gains recorded so far were sustained and improved.
Odeyemi said his visit was aimed at strengthening relationships with sister agencies and identifying areas for closer collaboration, particularly in market settlement, revenue alliance, coordination and strategies for improving electricity market operations.
He assured that under his leadership, NBET would maintain a robust relationship with NISO and other stakeholders to ensure that the electricity market continued to grow, attract investment and ultimately translate into improved electricity supply across the country.
