The National Agency for Science and Engineering Infrastructure (NASENI) has announced its first investment in Powerstove, a pioneering Nigerian company in the production of cookstoves and carbon credit projects.
This strategic move is aimed at combating global warming and promoting sustainability among Nigerian enterprises focused on decarbonization.
According to a statement released on Thursday, NASENI’s investment in Powerstove includes growth capital and technical assistance, facilitating a scale-up in production from 100,000 units to over 1 million units annually. This significant scaling is expected to substantially reduce Nigeria’s carbon footprint and support the country’s transition to a more sustainable energy landscape.
Khalil Halilu, the Executive Vice Chairman of NASENI, emphasized that the increased production capacity will not only meet the rising demand for clean and efficient cookstoves but also lead to a considerable reduction in carbon emissions across Nigeria.
Powerstove currently hosts the largest local carbon credit project for a private company in Nigeria, valued at 4.5 million carbon credits. This project underscores Powerstove’s commitment to mitigating climate change through sustainable practices.
Halilu highlighted that NASENI’s investment is not only aimed at supporting an impact-driven enterprise but also positions the agency to benefit from carbon credit revenue, thus reinforcing its dedication to sustainable development.
Established in 1992, NASENI manages research and development of capital goods, production, and reverse engineering to enhance local mass production of standard parts, goods, and services for Nigeria’s technological advancement. This investment underscores NASENI’s leadership commitment to proactively addressing climate change and building a resilient ecosystem of innovative Nigerian companies contributing to decarbonization efforts.
Nigeria is actively engaged in decarbonization initiatives across various sectors, including transport, with a focus on transitioning to zero-emission vehicles, ending gas flaring, and exploring renewable energy sources. These efforts are aimed at significantly reducing greenhouse gas emissions by 2030 and fostering a sustainable and low-carbon economy.
By investing in Powerstove, NASENI not only supports local innovation but also plays a crucial role in advancing Nigeria’s sustainable development goals, contributing to global efforts to combat climate change and promote environmentally friendly technologies.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate