By Gloria Akudoro
The Nigerian Independent System Operator (NISO) and the Nigerian Bulk Electricity Trading Plc (NBET) are strengthening collaboration to improve electricity market operations and foster a more efficient, transparent and investor-friendly electricity market.
The Managing Director and Chief Executive Officer of NISO, Engr. Abdu Bello Mohammed, stated this on Tuesday, August 18, during a courtesy visit by the Managing Director of NBET, Dr. Akinola Odeyemi, to his office in Abuja.
According to Mohammed, the two agencies have complementary responsibilities in ensuring that the electricity market operates efficiently and remains attractive to investors.
He said the overall objective of the 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 the challenges of liquidity in the sector.
His words: “I welcome you to NISO’s office and congratulate you on your appointment. 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.”
Mohammed added that the goal of establishing the two agencies was to ensure that Nigerians enjoyed stable electricity supply, stressing the need for both organisations to work together to achieve the objective.
He said, “The Honourable Minister is someone with great vision and an open mind. We owe him and indeed Nigerians the obligation to unite under his leadership to share ideas and address the challenges in the sector.”
While describing NBET as a key agency whose responsibilities are closely linked to those of NISO, Mohammed assured that both organisations would work together to achieve the objectives of the Electricity Act 2023 reforms under the present administration.
On his part, the Managing Director of NBET, Dr. Odeyemi, commended NISO for its efforts to stabilise and improve the electricity market, noting that his organisation would continue to work closely with NISO to ensure that the gains recorded so far were sustained and improved upon.
He said his visit was aimed at strengthening relationships with sister agencies and identifying 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,” Odeyemi 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 that the electricity market continued to grow and attract investment, ultimately translating into improved electricity supply across the country.
