OEC Others Restate Support for Revamp of Nigeria’s Power Sector

Emmanuel Addeh in Abuja

The Organisation for Economic Cooperation (OEC) also known as the Developing-8 countries, has restated its support for Nigeria’s power sector reforms, noting that Nigeria can leverage on member countries’ learning experiences to develop its electricity market.

Popularly known as the ‘D-8’, an organisation for development cooperation, it comprises Bangladesh, Egypt, Indonesia, Iran, Malaysia, Pakistan, Turkey and Nigeria.

The organization, which gave the indication during a courtesy visit to the Nigerian Bulk Electricity Trading Plc (NBET) in Abuja, acknowledged that some members had successfully implemented reforms in their respective electricity and energy sectors.

For instance, Turkey, Egypt and Iran have a combined total installed electricity capacity of over 240,000 MW, far more than Nigeria’s roughly 5,000MW.

A statement from NBET, quoted the Managing Director, NBET, Dr. Nnaemeka Ewelukwa as acknowledging during the visit, the mutual relations and cooperation between both organisations as well as the support in the area of energy development and economic growth.

Leveraging on its recent Memorandum of Understanding (MoU) with the Energy Exchange, Istanbul (EXIST), NBET stated that it was set to implement a series of actions towards a quick turnaround of the Nigerian Electricity Supply Industry (NESI).

Responding on behalf of D8, head of delegation,  Isiaka Imam assured the MD/CEO and management team of NBET of the commitment of the D-8 organisation’s secretariat to provide support and all necessary assistance towards ensuring sustainable development and growth.