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The National Agency for Science and Engineering Infrastructure (NASENI) has made a landmark investment in Powerstove, a leading Nigerian company known for its innovative cookstoves and extensive experience in carbon credit projects.
This marks NASENI’s first-ever investment in a private enterprise, signaling a significant step in its mission to combat global warming and promote sustainable practices within Nigeria.
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This strategic investment will provide Powerstove with both capital and technical support, allowing the company to scale its production capacity from 100,000 units to over one million units annually.
This expansion aims to meet the increasing demand for clean and efficient cookstoves, while also significantly reducing carbon emissions across the country.
Khalil Suleiman Halilu, the Executive Vice Chairman/CEO of NASENI, emphasized that the increased production capacity will play a crucial role in addressing Nigeria’s environmental challenges.
“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,” said Halilu.
Powerstove stands as the largest local carbon credit project for a private company in Nigeria, with a current valuation of 4.5 million carbon credits. Halilu highlighted that NASENI’s investment will not only support an impactful enterprise but also enable the agency to benefit from carbon credit revenue, reinforcing its commitment to sustainable development.
“This investment underscores NASENI’s leadership in proactively addressing climate change and building a resilient, sustainable ecosystem of innovative Nigerian companies,” Halilu added.
NASENI’s management is optimistic about the positive impact this partnership will have on Nigeria’s environmental and economic landscape, setting a precedent for future collaborations aimed at fostering sustainability and decarbonization.
