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NASENI invests in Powerstove firm to boost capacity, carbon credit initiatives

Mr. Khalil Suleiman Halilu, Executive Vice-Chairman and CEO of NASENI (l); and Okey Esse, Founder/CEO of Powerstove Energy, at the Agency's Headquarters, in Abuja, FCT      Photo: NASENI

*The National Agency for Science and Engineering Infrastructure discloses part of the investment includes provision of both capital for growth and technical assistance to Powerstove, to enable the company to scale its production from 100 thousands units to over one million units yearly

Isola Moses | ConsumerConnect

The National Agency for Science and Engineering Infrastructure (NASENI) has announced its first-ever investment in Powerstove, a pioneering Nigerian company specialising in the production of cookstoves.

The agency Thursday, May 23, 2024, said the indigenous company has significant experience in carbon credit projects.

NASENI also noted this strategic investment marks a major milestone in its ongoing efforts at combatting global warming and fostering a sustainable ecosystem by Nigerian companies dedicated to decarbonisation.

Mr. Olusegun Ayeoyenikan, Director of Information at NASENI, Thursday, May 23, 2024, stated as part of this investment, NASENI disclosed it would provide both capital for growth and technical assistance to Powerstove, in order to enable the company to scale its production from 100 thousand units to over one million units per year.

“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,” NASENI stated.

The agency also noted that Powerstove boasts as the largest local carbon credit project for a private company in the country, currently valued at 4.5 million carbon credits.

It further stated that 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 Nigeria’s sustainable development.

NASENI said that the new investment underscored the strong commitment of NASENI’s leadership to addressing climate change proactively while building a resilient and sustainable ecosystem of innovative Nigerian companies with the potential to drive decarbonisation efforts.

Ayeoyenikan added: “NASENI’s Management looks forward to witnessing the positive impact of this partnership on Nigeria’s environmental and economic landscape.”

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