Turkish Energy Firm, known as EXIST or Energy Exchange Istanbul, has moved to invest in sustainable energy for manufacturers and other businesses across different sectors of the Nigerian economy.
This is coming on the heels of a Memorandum of Understanding (MoU) signed recently by the Nigerian Bulk Electricity Trading Plc (NBET) with EXIST to boost cooperation and knowledge exchange between the two countries.
The cooperation agreement, which was signed between NBET and EXIST at the latter’s campus in Maslak, Turkey, is designed to explore mutually beneficial opportunities for growth between both agencies.
Against the backdrop of growing liquidity crisis and tariff shortfall, the new pact which has been signed by EXIST with the Nigerian Bulk Electricity Trading Plc is expected to address issues relating to the sustainability of electricity markets in the country.
Speaking at the event earlier in September, the Minister of Finance, Zainab Ahmed, applauded the deal, stating that the move would transform the electricity market throughout Nigeria.
Ahmed, who is also the Chairman of NBET Board of Directors, said that “EXIST has reached an admirable stage. We also want to establish electricity markets by providing the necessary transformation in our country. We want to cooperate with you on this journey by walking hand-in-hand.”
This is coming barely a few days after the Nigerian Vice-President, Yemi Osinbajo, inaugurated the governing board of the Nigeria Electricity Liability Management Company (NELMCO), where he revealed that the electricity tariff shortfall in the country is currently estimated at over N800 billion, but that such energy anomalies are being diligently addressed.
The Federal Government has been wooing more investors into the Nigerian power sector as a means of tackling the country’s perennial power outages through the development of new energy infrastructure and the expansion of pre-existing networks of installations.
Chief Executive Officer of NBET, Dr. Nnaemeka Ewelukwa, said the pact would go a long way in re-positioning NBET for enhanced performance in the Nigerian electricity market and consolidation on its accomplishments.
“The key aspects of the cooperation would see NBET strategically leveraging on 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 said.
According to him, the trading company would also synergize with EXIST in developing a framework for upscaling sustainable investments in renewable energy in line with the Federal Government’s commitment to diversify the country’s energy mix and transition to a low-carbon economy.
NBET affirmed in a statement that the newly signed pact with the Turkish aligns with the company’s long-term plan of leading Nigeria’s renewable energy push in line with its mandate. The statement further assured that the cooperation agreement covers the transfer of experience and business knowledge, as well as the design of a functional trading structure for the Nigerian Electricity Supply Industry (NESI).
In the words of Ewelukwa, “Turkey has a large and growing manufacturing base which requires an increasing amount of power generation. The yearly growth rate in additional power generation capacity has been around five per cent due to the increasing economic activity and a rising population in Turkey.
With this partnership, the NESI can leverage on the EXIST experience towards the design and implementation of policy frameworks that will ramp up energy solutions to the manufacturing sector and other vital economic sectors towards increasing the GDP of Nigeria and improving the living condition of its people.”