Allgreen Energy NV has pledged $10bn to support the rollout of an 80 million clean cookstove project in Nigeria, marking one of the largest household energy transition investments on the African continent.
Allgreen announced its contribution to the rollout on Wednesday in Lagos during a media briefing and project unveiling hosted by GreenPlinth Africa, where stakeholders also signed a manufacturing agreement for the first batch of 24 million cookstoves, signalling the project’s take-off phase.
In a statement, the President and Group Chief Executive Officer of GreenPlinth Africa, Dr Olawale Akinwumi, said the investment would tackle Nigeria’s longstanding clean cooking deficit affecting over 180 million people.
“This project is not only about providing clean cooking systems; it is about transforming lives, improving health outcomes, and empowering women economically,” Akinwumi said.
He added that the partnership with Allgreen Energy NV would accelerate the delivery of clean cookstoves and alternative fuels to millions of households while creating economic opportunities.
Akinwumi noted that the initiative would also support climate goals by cutting carbon emissions and reducing deforestation linked to firewood and charcoal use. He explained that the programme, first flagged off in October 2024, operates under an “Agenda 2030” framework aimed at achieving universal access to clean cooking.
The Special Adviser to the Lagos State Governor on Climate Change and Circular Economy, Titilayo Oshodi, said pilot projects had already demonstrated the viability of large-scale adoption.
“Beyond the data, the real impact is seen in the lives of women; faster cooking, less smoke, reduced stress, and more time for productive activities,” Oshodi said.
She cited a pilot scheme in Makoko where households reduced firewood use from about 10 kilogrammes daily to 1.37 kilogrammes of briquettes, achieving over 85 per cent efficiency gains and lowering indoor air pollution.
Oshodi added that visible benefits would drive wider community adoption, while carbon finance could scale the initiative globally.
“This transforms clean cooking from a social intervention into a bankable climate solution,” Oshodi said.
Stakeholders said the $10bn investment could catalyse similar private-sector funding across Africa’s clean cooking sector, with wider benefits including job creation in manufacturing, distribution, and maintenance.
The Group Chief Financial Officer of GreenPlinth Africa, Babatunde Aina, said the project builds on the firm’s Clean Development Mechanism experience, including its CDM 2711 initiative, which has generated carbon credits for over a decade.
He disclosed that each stove could save up to 15 metric tonnes of carbon dioxide annually, with the entire project expected to offset at least 1.2 billion tonnes of CO₂ yearly for a minimum of 15 years.
Aina added that the project would deploy blockchain-powered monitoring systems to ensure transparency in emissions tracking and verification.
He explained that carbon credits generated from the project would be traded under global frameworks such as the Paris Agreement Crediting Mechanism, offering higher returns than voluntary carbon markets and with projected revenues of up to $60bn annually.
With funding secured and manufacturing agreements in place, stakeholders said the project would move into large-scale production and distribution, expressing optimism that it could improve health outcomes and serve as a model for other African countries facing similar energy challenges.
