The Nigerian Independent System Operator (NISO) and the Nigerian Bulk Electricity Trading Plc (NBET) are stepping up collaboration aimed at tackling some of the structural and financial challenges affecting Nigeria’s electricity market.
The two agencies say stronger coordination is critical to building a more efficient, transparent and investor-friendly electricity market that can ultimately translate into more stable and reliable power supply for Nigerians.
Speaking on Tuesday, the Managing Director and Chief Executive Officer of NISO, Engr. Abdu Bello Mohammed, FNSE, said the agencies have complementary responsibilities and must work closely to achieve the objectives of the electricity sector reforms.
Mohammed explained that while NISO is responsible for managing the service side of the electricity market, NBET manages the energy component, making collaboration between both institutions essential to the smooth functioning of the market.
He said NISO is willing to work with NBET and other stakeholders to address liquidity challenges in the sector, stressing that the ultimate goal is to ensure Nigerians have access to stable electricity.
“The goal of establishing these agencies is to ensure Nigerians enjoy stable power supply. We must therefore work together to achieve it.”
The NISO chief executive also said the two organisations would work to advance the objectives of the Electricity Act 2023 reforms, particularly efforts to create a more efficient market capable of attracting the investment needed to expand and improve electricity supply.
For the newly appointed Managing Director of NBET, Dr. Akinola Odeyemi, the visit to NISO was an opportunity to identify areas where both agencies can strengthen their working relationship.
Odeyemi said discussions focused on market settlement, revenue collaboration, coordination and broader strategies for improving the electricity market.
He commended NISO’s efforts towards stabilising the market and pledged that NBET would work with the system operator to sustain and build on the gains recorded so far.
He added that stronger collaboration among agencies within the electricity value chain would be crucial to creating a market that attracts investment and supports sustainable growth.
The collaboration comes against the backdrop of persistent concerns over electricity reliability, sector liquidity and the ability of power market participants to meet their financial obligations.