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NASENI invests in Powerstove to boost decarbonisation

NASENI invests in Powerstove to boost decarbonisation

The National Agency for Science and Engineering Infrastructure (NASENI) has made its first investment in Powerstove, a Nigerian company pioneering cookstove production and carbon credit projects, aimed at combating global warming and promoting sustainability among Nigerian companies focused on decarbonisation.

Segun Ayeoyenikan, Director of Information at NASENI, said in a statement on Thursday that, as part of the investment, NASENI will provide Powerstove with growth capital and technical assistance, enabling the company to ramp up production from 100,000 units to over 1 million units per year.

“This scaling is expected to have a substantial impact on Nigeria’s carbon footprint and contribute to the country’s transition to a more sustainable energy landscape.”

Khalil Halilu, the Executive Vice Chairman, NASENI, 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.

“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 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 decarbonisation efforts.”