• Wed. Jul 17th, 2024

NASENI Makes Strategic Investment in Powerstove to Boost Production, Carbon Credit Initiatives


May 24, 2024

The National Agency for Science and Engineering Infrastructure (NASENI) has announced a landmark investment in Powerstove, a leading Nigerian company specializing in the production of clean cookstoves and carbon credit projects. This marks NASENI’s first investment of this kind, aimed at bolstering efforts to combat global warming and promote sustainable practices.

The strategic investment will provide Powerstove with both capital and technical assistance, enabling the company to significantly scale up its production capacity from 100,000 units to over one million units annually. This expansion is expected to meet the increasing demand for clean and efficient cookstoves while substantially reducing carbon emissions across Nigeria.

Executive Vice Chairman and CEO of NASENI, Mr. Khalil Suleiman Halilu, emphasized the importance of this investment in addressing climate change. “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,” Halilu stated.

Powerstove currently holds the distinction of being the largest local carbon credit project for a private company in Nigeria, with a valuation of 4.5 million carbon credits. The investment from NASENI positions the agency to benefit from carbon credit revenue, further reinforcing its commitment to sustainable development.

“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 added.

This initiative underscores NASENI’s dedication to proactively addressing climate change and building a resilient, sustainable ecosystem of innovative Nigerian companies capable of driving decarbonization efforts.

NASENI’s management anticipates significant positive impacts on Nigeria’s environmental and economic landscape as a result of this partnership.

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