Manufacturing Sector Receives $17m Investment Boost with UK Support

The UK-funded Manufacturing Africa programme has scored a significant win for Nigeria’s clean energy sector. Three companies in the programme’s portfolio: Arnergy, Koolboks, and BURN Manufacturing, have collectively secured $17 million in Foreign Direct Investment (FDI), boosting Nigeria’s efforts to expand access to renewable energy solutions.

The investments will provide energy for more Nigerians, reduce carbon emissions, lead to the creation of 1100 jobs, and support thousands of livelihoods.

BURN Manufacturing, at the forefront of clean cook stove innovation, has secured $12 million in carbon investment from Key Carbon Ltd. Their new local assembly facility in Northern Nigeria will bolster distribution efforts of electric cook stoves and biomass stoves across East and Central Africa.

The British Deputy High Commissioner in Lagos, Jonny Baxter said: “The UK Government supports the ambition of the Federal Government’s Renewed Hope agenda: to boost private-sector led economic growth in Nigeria. 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.”

Business Communications Manager at Koolboks, Lolade Alonge, said: “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.”