The National Agency for Science and Engineering Infrastructure (NASENI) has announced its first-ever investment in Powerstove Energy, a pioneering Nigerian company specializing in the production of cookstoves with experience in carbon credit projects.
Powerstove is the largest local carbon credit project for a private company in Nigeria, currently valued at 4.5 million carbon credits.
A statement issued on the investment by the agency’s Director Information, Olusegun Ayeoyenikan, indicated that the strategic investment marked milestone in NASENI’s on-going efforts to combat global warming and foster a sustainable ecosystem through collaboration with Nigerian companies dedicated to decarbonization.
According to the Director, 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 thousands units to over one million units per year.
Commenting on the initiative, NASENI’s Executive Vice Chairman/CEO, Mr. Khalil Suleiman Halilu, pointed out that the substantial increase in production capacity that the investment would spur will not only meet the growing demand for clean and efficient cookstoves but also significantly contribute to reducing carbon emissions in Nigeria.
Halilu said: “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.
The agency’s management expressed its optimism in witnessing the positive impact of this partnership on Nigeria’s environmental and economic landscape.
Photo Caption
The EVC/CEO of National Agency for Science and Engineering Infrastructure (NASENI), Mr. Khalil Suleiman Halilu (2nd Left) and Founder/CEO, Powerstove Energy, Okey Esse, (2nd Right) during the signing of the Memorandum of Understanding (MoU) at the agency’s headquarters on Thursday, May 23, in Abuja
