By Godswill Michael
The Nigerian Independent System Operator (NISO) and the Nigerian Bulk Electricity Trading Plc (NBET) have pledged to deepen their collaboration to improve the efficiency of Nigeria’s electricity market, address persistent sector challenges and attract increased investment.
The two institutions said stronger coordination was critical to improving market operations and supporting efforts to deliver more stable and reliable electricity supply to Nigerians.
The Managing Director/Chief Executive Officer of NISO, Engr. Abdu Bello Mohammed, FNSE, stated this on Tuesday when the Managing Director of NBET, Dr. Akinola Odeyemi, paid a visit to the system operator’s office.
Mohammed said NISO and NBET have closely interconnected responsibilities within the electricity market, making effective collaboration between the two agencies essential to the success of ongoing reforms.
“Our organisation and NBET share a lot in common; while we manage the service aspect of the electricity market, you manage the energy,” Mohammed said.
He noted that both institutions had historically worked together but stressed the need to strengthen the relationship under their current leadership.
“Historically, NISO and NBET have always worked in synergy, so what we need now is to improve that under the new leadership,” he said.
According to him, greater coordination between the agencies would help address some of the structural and operational challenges affecting the electricity market and create a more conducive environment for investment.
Mohammed also called for closer collaboration among all stakeholders to tackle liquidity challenges that continue to constrain the electricity market.
He said the ultimate objective of establishing the agencies was to ensure that Nigerians have access to stable and reliable electricity, adding that achieving this requires a coordinated approach across the entire value chain.
“The goal of establishing these agencies is to ensure Nigerians enjoy stable power supply. We must therefore work together to achieve it,” he said.
The NISO chief executive also pledged the agency’s support for the implementation of reforms introduced under the Electricity Act 2023.
He said NISO would work closely with NBET and other stakeholders to advance the objectives of the reforms under the current administration.
“We will work together to ensure that the common goals the Electricity Act 2023 reforms hope to achieve under this administration are achieved,” he said.
Mohammed described NBET as a critical institution whose mandate is closely linked to that of NISO, particularly in efforts to strengthen market operations, improve efficiency and make the electricity sector more attractive to investors.
He urged stakeholders in the sector to maintain unity and strengthen inter-agency cooperation, saying collaborative efforts would make it easier to develop practical solutions to the industry’s persistent challenges.
NBET seeks stronger collaboration
Odeyemi said NBET was committed to strengthening its relationship with NISO as part of efforts to improve electricity market operations and consolidate gains recorded in the sector.
He explained that his visit followed his appointment as managing director of NBET and was aimed at familiarising himself with sister agencies while identifying areas for closer cooperation.
“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,” he said.
Odeyemi said discussions during the visit focused on key areas of mutual interest, including market settlement, revenue alignment, coordination and broader strategies for improving the electricity market.
“Particularly, we are here to discuss further collaboration on market settlement, revenue alignment, coordination, and the overall strategies to improve the electricity market,” he said.
He commended NISO for its efforts to stabilise and improve the electricity market, assuring that NBET would continue to work closely with the system operator to consolidate and build on the progress recorded.
The NBET managing director also pledged to maintain strong relationships with NISO and other stakeholders as part of efforts to strengthen the electricity market and attract new investment.
He expressed optimism that improved coordination among institutions across the power sector would translate into greater market efficiency, increased investor confidence and, ultimately, more reliable electricity supply for Nigerians.
The renewed commitment by NISO and NBET comes amid ongoing efforts to implement reforms aimed at improving the operational and financial sustainability of Nigeria’s electricity market and addressing challenges that have continued to affect the reliability of power supply.