By Adeyinka Adeniran
The National Agency for Science and Engineering Infrastructure (NASENI) has announced its first-ever investment in Powerstove, a pioneering Nigerian company specializing in the production of cookstoves, having significant experience in carbon credit projects.
This strategic investment marks a major milestone in NASENI’s on-going efforts to combat global warming and foster a sustainable ecosystem by Nigerian companies dedicated to decarbonization.
As part of this investment, NASENI will provide both capital for growth and technical assistance to Powerstove, enabling the company to scale its production from 100 thousands units to over one million units per year.
Executive Vice chairman/CEO of the Agency, Mr. Khalil Halilu, said this substantial increase in production capacity will not only meet the growing demand for clean and efficient cookstoves but also significantly contribute to reducing carbon emissions in Nigeria.
Powerstove boasts as the largest local carbon credit project for a private company in Nigeria, currently valued at 4.5 million carbon credits.
“With this investment, NASENI is not only supporting an impact-driven enterprise but also positioning itself to benefit from carbon credit revenue, thereby reinforcing its commitment to sustainable development,” Halilu said.
This investment underscores the strong commitment of NASENI’s leadership to address climate change proactively and to build a resilient and sustainable ecosystem of innovative Nigerian companies with the potential to drive decarbonization efforts.
NASENI’s management said it is looking forward to witnessing the positive impact of the partnership on Nigeria’s environmental and economic landscape.
