The National Agency for Science and Engineering Infrastructure (NASENI) has made a strategic investment in Powerstove, a pioneering Nigerian company specializing in cookstove production and carbon credit projects.
This investment marks a significant milestone in NASENI’s ongoing efforts to combat global warming and foster a sustainable ecosystem through Nigerian companies dedicated to decarbonization.
Statement signed by the organisation’s Director of Information, Olusegun Ayeoyenikan, explained that as part of this investment, NASENI will provide capital and technical assistance to Powerstove, enabling the company to scale its production from 100,000 units to over one million units per year. This substantial increase in production capacity will meet the growing demand for clean and efficient cookstoves and significantly contribute to reducing carbon emissions in Nigeria.
Powerstove is 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 supporting an impact-driven enterprise and positioning itself to benefit from carbon credit revenue, reinforcing its commitment to sustainable development,” said Executive Vice Chairman/CEO, Mr. Khalil Suleiman Halilu.
This investment underscores NASENI’s leadership commitment to addressing climate change proactively and building a resilient and sustainable ecosystem of innovative Nigerian companies driving decarbonization efforts. NASENI’s management looks forward to witnessing the positive impact of this partnership on Nigeria’s environmental and economic landscape.