Three Nigerian firms have secured a $17 million investment boost from the UK to bolster the clean energy sector.
Ndidiamaka Eze, Senior Press & Public Affairs Officer for Prosperity and Economic Development, revealed this in a statement from Abuja.
The Foreign Direct Investment support was extended to these companies as part of the UK-funded Manufacturing Africa Programme. Among the beneficiaries are Arnergy, Koolboks, and BURN Manufacturing.
Eze emphasized that this funding will greatly aid Nigeria’s push to enhance access to renewable energy solutions.
She stated, “These investments will provide energy for more Nigerians, reduce carbon emissions, lead to the creation of 1,100 jobs, and support thousands of livelihoods. The three companies are sustainability trailblazers.”
BURN Manufacturing is at the forefront of clean cook stove innovation.
It secured 12 million dollars in carbon investment from Key Carbon Limited. Their new local assembly facility in Dawakin Kudu, Kano State will boost distribution efforts of electric cook stoves and biomass stoves across East and Central Africa.
Arnergy is a leading renewable energy company in Nigeria that specialises in designing and manufacturing technology-enabled solar micro-grid and rooftop solutions.
With a recent three million dollars bridge financing from a Shell-backed impact investment company, the company has already raised 7.5 million dollars in their Series B fundraise.
Koolboks is revolutionising access to refrigeration services, particularly for underserved communities and women entrepreneurs through their solar-powered cooling systems.
Their pay-as-you-go technology and accessible business model has attracted a 1.5 million Euro subsidy from Beyond the Grid Fund for Africa for launch and expansion in Uganda.
At the ceremony, the British Deputy High Commissioner in Lagos, Jonny Baxter, said that the UK government supports Nigeria’s Renewed Hope Agenda of President Bola Tinubu.
Mr Baxter said that the fund would enhance Nigeria’s commitments toward boosting private-sector led economic growth.
“We’re funding the manufacturing Africa programme to provide free advisory services to companies raising finance to expand their capabilities and create new jobs in Nigeria. It’s great to see these companies realise their goals with UK support,” Mr Baxter said.
Business Communications Manager at Koolboks, Lolade Alonge, “Manufacturing Africa’s financial advisory support when raising our ‘Series A’ came in very handy and has helped us secure funds that will assist with our expansion plans.”
He said that Manufacturing Africa has supported 31 Nigerian companies to raise investment in sectors including agro-processing, industrial parks, pharmaceuticals, vehicle manufacturing, e-mobility, and renewable energy.
The programme has also helped to attract $85 million into Nigeria’s manufacturing sector since 2020.
