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 and carbon credit projects.
A statement by Mr. Olusegun Ayeoyenikan, Director of Information, reveals that this strategic investment marks a significant milestone in NASENI’s ongoing efforts to combat global warming and foster a sustainable ecosystem by supporting 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 100,000 units to over one million units per year. Executive Vice Chairman/CEO of NASENI, Mr. Khalil Suleiman Halilu, emphasized that 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 is recognized 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 NASENI’s strong commitment to addressing climate change proactively and building a resilient and sustainable ecosystem of innovative Nigerian companies with the potential to drive decarbonization efforts. NASENI’s management looks forward to witnessing the positive impact of this partnership on Nigeria’s environmental and economic landscape.
Read Also: NASENI Secures $2 Billion Investments from Chinese Companies
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