…Agency offers credit initiative, targets 1 million cooking stoves annually
By Victoria Onyisi
In a strategic investment move, the National Agency for Science and Engineering Infrastructure (NASENI) is proud to announce its first-ever investment in Powerstove, a pioneering Nigerian company specializing in the production of cook-stoves.
The private firm is said to significant experience in carbon credit projects and de-carbonisation drive.
This strategic investment marks a major milestone in NASENI’s on-going efforts to combat global warming and foster a sustainable ecosystem by Nigerian companies dedicated to de-carbonization.
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 annually.
In a statement, Mr. Olusegun Ayeoyenikan, Director in charge of Information, said, 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 boasts 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.
This investment underscores the strong commitment of NASENI’s leadership to address climate change proactively and to build 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.