The National Agency for Science and Engineering Infrastructure (NASENI) has disclosed its inaugural investment in leading Nigerian firm specialising in cook stove production, PowerStove and with notable experience in carbon credit projects.
This strategic investment signifies a significant milestone in NASENI’s continuous quest to combat global warming and promote a sustainable environment through Nigerian companies committed to decarbonisation.
In this investment initiative, NASENI will furnish both growth capital and technical support to Power Stove, facilitating the company’s expansion of production capacity from 100 thousand units to exceeding one million units annually.
The executive vice chairman of the agency, Mr. Khalil Halilu emphasised that this considerable surge in production capacity will not only address the rising demand for eco-friendly and efficient cook stoves but also play a pivotal role in curbing carbon emissions in Nigeria.
PowerStove is recognised as the largest indigenous carbon credit project implemented by a private entity in Nigeria, presently assessed at 4.5 million carbon credits.
“In backing this initiative, NASENI is not only endorsing an enterprise focused on making a positive impact but also positioning itself to leverage carbon credit proceeds, thereby strengthening its dedication to sustainable progress,” Halilu affirmed.
A communication from the agency’s director of information, Mr. Olusegun Ayeoyenikan clarified that this investment underscores NASENI’s leadership’s firm dedication to proactively tackling climate change and nurturing a resilient and sustainable network of innovative Nigerian enterprises capable of propelling decarbonisation endeavours.
NASENI’s management eagerly anticipates observing the favourable influence of this collaboration on Nigeria’s environmental and economic landscape.
