The Nigerian sovereign wealth fund announced on Wednesday that it has partnered with Vitol to invest in various carbon avoidance and removal activities.
According to the Nigerian Sovereign Investment Authority (NSIA), both firms have pledged $50 million to launch the initial projects.
CarbonVista, the proposed new corporation, was established in July of last year with the specific intent of investing in Nigerian businesses.
As the initial investment, a residential energy efficiency initiative aimed at enhancing clean cooking and water purification was announced.
Many Nigerians have had to supplement their cook stands with wood and charcoal, as a result of the costly expense of smokeless liquefied petroleum gas, As part of a public health push, many people quit using wood in 2021, albeit this was before the oil price surge.
The over one billion sub-Saharan Africans who rely on wood and charcoal for everyday cooking and water purification are responsible for around 4 million hectares of annual deforestation and degradation across the continent, according to the NSIA.
According to the NSIA, the agreement will enable rural families to save money and time while reducing their dependency on wood fuel and the associated emissions. Also, it was suggested that initially up to 200,000 gadgets would be utilized by the organization.
