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From Uche Usim, Abuja
A move towards solving the epileptic electricity nightmare was consolidated on Friday, with the Nigerian Bulk Electricity Trading Company (NBET) signing a cooperation agreement with a Turkish firm, EXIST, at its facility in Maslak, Turkey.
The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed who doubles as NBET Board Chairman led the Nigerian delegation to the event.
According to her, the Nigerian government was willing to cooperate with EXIST in enhancing the energy market in Nigeria.
She said: “We want to cooperate with EXIST on this journey by walking hand in hand. The point that EXIST has reached is admirable. We also want to establish electricity markets by providing the necessary transformation in our country.”
She added that the cooperation agreement covers transfer of experience and business knowledge, field visits, workshops, trainings, designing the institutional structure of the power market planned to be established in Nigeria and providing technical support.
The agreement also aims to liberalise the current market in Nigeria.
On the purpose of the cooperation, she said the parties agreed to establish cooperation in the transition of NBET to an energy exchange.
Also speaking, the Chief Executive Officer of NBET, Dr. Nnaemeka Ewelukwa, expressed great optimism that the cooperation agreement with EXIST would go a long way in re-positioning NBET for enhanced performance in the Nigerian electricity market.
He explained that the deal would see NBET strategically leveraging cutting edge technology to chart a new course in its commercial transactions in the electricity market.
“It will ultimately pave the way for more power investments in the country and deepen competition in the market, with greater value delivery to participants in the market”, he added.
Ewelukwa also said that the agency would also synergise with EXIST in developing a framework for upscaling sustainable investments in renewable energy in line with the commitment of the federal government to diversify the energy mix in the country and transition to a low carbon economy.
In his remarks, EXIST’s CEO, Ahmet Türkoğlu, assured the Nigerian delegation of the firm’s readiness to cooperate with Nigeria in every possible way.
EXIST would assist NBET in understudying the Turkish experience in transitioning to an energy exchange, with a view to adapting successfully to the Nigerian context.
It will also assist NBET and other Nigerian institutions to lead a detailed analysis on the electrical needs evolution in Nigeria, in terms of establishing a competitive market based on the prevailing conditions in the Nigerian electricity supply industry (NESI).
