Joseph Bakare
The Nigerian Independent System Operator (NISO) and the Nigerian Bulk Electricity Trading Plc (NBET) have agreed to firm of partnership to improve the operations of Nigeria’s electricity market, aiming to create a more efficient, transparent, and investor-friendly environment.
Engr. Abdu Bello Mohammed, FNSE, Managing Director and Chief Executive Officer of NISO, speaking on the move said both Agencies share intertwined responsibilities to make the electricity market more efficient and attractive to investors.
He highlighted that their overarching goal is to ensure a stable and reliable power supply for Nigerians.
Speaking during a visit by NBET’s leadership to NISO’s office, Mohammed expressed openness to collaboration with NBET and other stakeholders to comprehensively address liquidity challenges within the sector.
“Our organizations share a lot in common; while NISO manages the service aspect of the electricity market, NBET manages the energy. Historically, we have worked in synergy, and under new leadership, we aim to strengthen this cooperation,” he said.
Mohammed further noted the importance of unity under the leadership of the Honourable Minister of Power, describing him as a visionary with an open mind. “We owe it to him and Nigerians to unite, share ideas, and tackle the sector’s challenges together,” he added.
He reaffirmed that NBET is a key agency with inseparable responsibilities alongside NISO and assured that both entities will collaborate to realize the objectives set out by the Electricity Act 2023 reforms under the current administration.
In response, Dr. Akinola Odeyemi, Managing Director of NBET, praised NISO’s efforts in stabilizing and improving the electricity market. He assured that NBET would continue to work closely with NISO to sustain and build upon the progress made so far.
“Upon my appointment, I deemed it essential to engage with sister agencies to identify areas for closer collaboration to fulfill our mandates. Our discussions focused on market settlement, revenue alliance, coordination, and strategies to enhance the electricity market,” Odeyemi stated.
He assured that under his leadership, NBET will maintain a strong relationship with NISO and other sector agencies to foster market growth and attract investments that will ultimately improve electricity supply across Nigeria.
This renewed collaboration between NISO and NBET signals a concerted effort to address systemic challenges and drive sustainable development in Nigeria’s power sector, promising better service delivery and increased investor confidence.