The Nigerian Independent System Operator (NISO) and the Nigerian Bulk Electricity Trading Plc (NBET) have pledged to deepen their collaboration to strengthen Nigeria’s electricity market and create a more efficient, transparent and investment-friendly sector.
The commitment was made on Tuesday, August 17, when the Managing Director/Chief Executive Officer of NISO, Engr. Abdu Bello Mohammed, FNSE, received the newly appointed Managing Director of NBET, Dr. Akinola Odeyemi, during a visit to NISO’s office.
Mohammed said the two agencies have complementary responsibilities in the electricity market and must work closely to address challenges affecting the sector, particularly liquidity and market efficiency.
He explained that while NISO is responsible for the service side of the electricity market, NBET plays a key role in managing the energy and commercial aspects.
According to him, stronger cooperation between both institutions is necessary to ensure that the reforms introduced under the Electricity Act 2023 deliver the desired results for Nigerians.
“The goal of establishing these agencies is to ensure Nigerians enjoy stable power supply. We must therefore work together to achieve it,” Mohammed said.
He said NISO was prepared to collaborate with NBET and other stakeholders to develop practical solutions to the challenges confronting the electricity market.
Mohammed also expressed confidence that the leadership of the Minister of Power, Joseph Tegbe, would provide the direction needed to drive greater coordination and reforms across the sector.
He added that NISO and NBET had historically worked together and would seek to strengthen the relationship under their new leaderships.
Speaking during the visit, Odeyemi commended NISO for its efforts to improve the stability and efficiency of the electricity market.
He said his decision to visit sister agencies was aimed at identifying areas where NBET could strengthen cooperation and improve the implementation of its mandate.
Odeyemi identified market settlement, revenue alignment, coordination and broader market-development strategies as areas requiring closer collaboration between the two institutions.
He assured that NBET would maintain a strong working relationship with NISO and other stakeholders to sustain the gains recorded in the sector and support further growth.
According to him, a more coordinated electricity market would help attract investment and ultimately contribute to improved and more reliable electricity supply across Nigeria.