Three companies in the UK-funded Manufacturing Africa programme portfolio have collectively secured $17million in Foreign Direct Investment (FDI), boosting Nigeria’s efforts to expand way in to renewable energy solutions.
The programme has helped to attract $85 million into Nigeria’s manufacturing sector since 2020.
The three companies that are sustainability trailblazers are BURN Manufacturing, at the forefront of clean cookstove innovation which secured $12 million in carbon investment from Key Carbon Ltd. Their new local assembly facility in Northern Nigeria will bolster distribution efforts of electric cookstoves and biomass stoves across East and Central Africa.
Arnergy is another leading renewable energy company in Nigeria that specialises in designing and manufacturing technology-enabled solar micro-grid and rooftop solutions. With a recent $3 million bridge financing from a Shell-backed impact investment company, the company has already raised $7.5 million in their Series B fundraise.
The third is Koolboks which is easing the 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 (BGFA), for launch and expansion in Uganda.
Up until this time, Manufacturing Africa has supported 31 Nigerian companies in their journey to raise investment, in sectors including agri-processing, industrial parks, pharmaceuticals, vehicle manufacturing, e-mobility, and renewable energy.
