The Nigerian Independent System Operator (NISO) and the Nigerian Bulk Electricity Trading Plc (NBET) have moved to deepen collaboration aimed at improving the efficiency, transparency and attractiveness of Nigeria’s electricity market to investors.
The Managing Director/Chief Executive Officer of NISO, Bello Mohammed, stated this when the Managing Director of NBET, Dr Akinola Odeyemi, visited the system operator, stressing that both agencies had intertwined responsibilities in ensuring the effectiveness of the electricity market.
Mohammed said the ultimate objective of the two organisations was to ensure stable and reliable electricity supply to Nigerians, adding that NISO was willing to collaborate with NBET and other stakeholders to address the liquidity challenges confronting the sector.
“Our organisation 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 added that both agencies had a responsibility to ensure that Nigerians derived the intended benefits of the electricity market reforms.
“The goal of establishing these agencies is to ensure Nigerians enjoy stable power supply. We must therefore work together to achieve it,” Mohammed said.
On his part, Odeyemi said his decision to visit NISO followed his appointment as NBET’s managing director, explaining that the visit was intended to strengthen relationships with sister agencies and identify areas for closer collaboration.
“Upon my appointment, I thought it wise to visit and familiarise myself with sister agencies to see areas where we can work more closely together to achieve our 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.