In a groundbreaking move, the National Agency for Science and Engineering Infrastructure (NASENI) has made a pivotal investment in Powerstove, a leading Nigerian company specializing in cookstove production and carbon credit projects. This strategic partnership marks a significant leap towards combating global warming and fostering sustainability within Nigeria’s industrial landscape.
NASENI’s investment, announced on Thursday, is not just financial. Alongside growth capital, the agency will provide Powerstove with essential technical assistance. This support aims to catapult the company’s production from 100,000 units to an impressive 1 million units annually. The impact of this scale-up is anticipated to be monumental in reducing Nigeria’s carbon footprint and advancing the nation’s transition to sustainable energy solutions.
Khalil Halilu, the Executive Vice Chairman of NASENI, highlighted the dual benefits of this venture. “This substantial increase in production capacity will meet the growing demand for clean and efficient cookstoves and significantly reduce carbon emissions in Nigeria,” he stated. The enhanced production is not just a business milestone but a critical step towards environmental sustainability.
Powerstove currently boasts the largest local carbon credit project for a private company in Nigeria, with a valuation of 4.5 million carbon credits. With NASENI’s investment, the company is poised to scale new heights. “NASENI is not only supporting an impact-driven enterprise but also positioning itself to benefit from carbon credit revenue, reinforcing our commitment to sustainable development,” Halilu added.
This investment is a testament to NASENI’s proactive approach to climate change, demonstrating a strong commitment to building a resilient and innovative ecosystem of Nigerian companies capable of driving decarbonization efforts. Established in 1992, NASENI has a mandate to advance the country’s technological landscape through research, development, and the local production of standard goods and services.
Nigeria’s commitment to decarbonization is evident across various sectors. Efforts are underway to reduce greenhouse gas emissions and transition towards a low-carbon economy. In the transport sector, initiatives include transitioning to zero-emission vehicles and ending gas flaring. The exploration of renewable energy sources is also a significant part of Nigeria’s strategy to achieve substantial emission cuts by 2030 and beyond.
With this bold move, NASENI and Powerstove are set to play a pivotal role in Nigeria’s journey towards a sustainable future, marking a new chapter in the nation’s environmental and economic narrative.
