The British International Investment, the UK’s development finance institution, has committed $40.5 million to Johnvents Group, a Nigerian agribusiness and manufacturing company to help boost Nigeria’s cocoa industry.”
The funding will be directed towards Johnvents’ subsidiary, Premium Cocoa Products Ile-Oluji, to help increase its production capacity from 13,000 to 30,000 metric Tonnes annually.
This expansion aims to boost Nigeria’s competitiveness in the global cocoa market. The funding is also expected to strengthen the country’s position in the cocoa industry, empower thousands of local farmers, and make a significant contribution to Nigeria’s economic growth.
During the signing ceremony between Johnvents and BII in Abuja yesterday, British Deputy High Commissioner Jonny Baxter emphasized the long-standing trade relationship between the UK and Nigeria. He reaffirmed the UK’s commitment to supporting sustainable investments that drive job creation and mutual growth.
Baxter also highlighted how the investment aligns with the UK’s efforts to promote sustainable land use and forestry, while enhancing social outcomes and climate resilience for local communities and smallholder farmers. He added that the initiative is set to strengthen Nigeria’s cocoa industry by enhancing supply chain sustainability, boosting exports, and generating foreign exchange.
The Group Managing Director of Johnvents Group, John Alamu, stated that the investment in the Premium Cocoa Products Ile-Oluji facility marks a major advancement in building a sustainable agribusiness sector in Nigeria. He added that the funding will enhance the company’s processing capacity, empower thousands of local farmers, and contribute to Nigeria’s broader economic development.
As the fourth-largest cocoa producer globally, Nigeria has significant untapped potential in the cocoa industry. This investment will help Johnvents Group expand its processing capacity, meet rising global demand, and enhance Nigeria’s competitiveness in the international cocoa market.
BII’s partnership with Johnvents reflects the DFI’s dedication to boosting investment in Black-owned and led businesses across Africa, which frequently encounter more difficulties in accessing capital compared to other groups in the region.
According to BII’s Coverage Director and Head of Nigeria Office, Benson Adenuga “We are delighted to partner with Johnvents Group to address critical barriers to the growth of Nigeria’s cocoa industry. This partnership will not only support local farmers but also enhance Nigeria’s trade balance and global competitiveness by boosting exports.
