NASENI Makes First Strategic Investment in Powerstove

,,,,To Boost Production, Carbon Credit Initiatives.

Picture:2nd Left: EVC/CEO of NASENI, Mr. Khalil Suleiman Halilu and Founder CEO, Powerstove Energy, Okey Esse, during the signing of the Memorandum of Understanding (MoU) at the Agency’s headquarters in Abuja

By Dawud Ahmed .

The National Agency for Science and Engineering Infrastructure (NASENI) has announced its first-ever investment in Powerstove, a pioneering Nigerian company specializing in the production of cookstoves, having significant experience in carbon credit projects.
This is contained in a statement in Abuja,signed by Mr. Olusegun Ayeoyenikan,Director Information
in the Agency and made available, copy to The Reporters on Thursday in Lokoja.
 
According to him,this strategic investment marks a major milestone in NASENI’s on-going efforts to combat global warming and foster a sustainable ecosystem by Nigerian companies dedicated to decarbonization.

As part of this investment, NASENI would provide both capital for growth and technical assistance to Powerstove, enabling the company to scale its production from 100 thousands units to over one million units per year,the director added.

He quoted the Executive Vice chairman/CEO of the Agency, Mr. Khalil Suleiman Halilu, as saying that the substantial increase in production capacity would not only meet the growing demand for clean and efficient cookstoves but also significantly contribute to reducing carbon emissions in Nigeria.  

“Powerstove boasts as the largest local carbon credit project for a private company in Nigeria, currently valued at 4.5 million carbon credits.

“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.

The Executive Vice Chairman said the investment underscored 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 decarbonization efforts.

The NASENI boss expressed optimism that the management of the Agency looked forward to witnessing the positive impact of this partnership on Nigeria’s environmental and economic landscape.