From Bolanle Ridwan, Abuja
The National Agency for Science and Engineering Infrastructure (NASENI) has announced its first investment in Powerstove, specialising in the production of cooking stoves.
Mr Olusegun Ayeoyenikan, NASENI’s Director of Information, announced the investment in a statement, emailed to TheNewsZenith at the weekend.
Powerstove is a pioneering Nigerian company producing modern cooking stoves.
This strategic investment marks a major milestone in NASENI’s ongoing efforts to combat global warming.
It will also foster a sustainable ecosystem by Nigerian companies dedicated to decarbonization.
As part of this investment, NASENI will provide capital for growth and technical assistance to the Powerstove.
This would enable the company to scale its production from 100 thousand units to over one million units per year.
Executive Vice Chairman of the Agency, Mr Khalil Halilu, remarked that the increase in production capacity would meet the growing demand for clean and efficient cookstoves.
It will also significantly contribute to reducing carbon emissions in Nigeria.
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Powerstove prides itself on the largest local carbon credit project for a private company in Nigeria, currently valued at 4.5 million carbon credits.
TheNewsZenith reports that carbon credits are measurable, verifiable emission reductions from certified climate action projects.
These projects reduce, avoid or remove greenhouse gas (GHG) emissions.
“With this investment, NASENI is not only supporting an impact-driven enterprise. It is also positioning itself to benefit from carbon credit revenue.
“This thereby reinforces its commitment to sustainable development,” Halilu said.
According to him, the investment underscores NASENI’s leadership’s strong commitment to address climate change proactively.
The agency would build a resilient and sustainable ecosystem of innovative Nigerian companies with the potential to drive decarbonisation efforts.
NASENI’s Management looks forward to witnessing the positive impact of this partnership on Nigeria’s environmental and economic landscape, he added.
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