Johnvents Group, an agribusiness and manufacturing conglomerate, has partnered with British International Investment, the UK’s development finance institution and impact investor, in a $40.5m investment aimed at boosting Nigeria’s cocoa industry.
The funding will support Johnvents’ subsidiary, Premium Cocoa Products Ile-Oluji, in expanding its production capacity from 13,000 to 30,000 metric tonnes per year, enhancing Nigeria’s global competitiveness in cocoa exports.
This disclosure was made in a statement to The PUNCH on Tuesday.
British Deputy High Commissioner in Lagos, Jonny Baxter, stated, “The UK is proud to back first-class sustainable investment that creates jobs and fosters mutually beneficial partnerships across Nigeria.
“Through this landmark agreement between BII and Johnvents Group, we look forward to the further growth of Nigeria’s cocoa industry and expanded export markets.”
The Group Managing Director of Johnvents Group, John Alamu, emphasised the importance of this milestone, stating, “At Johnvents Group, we are dedicated to building a sustainable and globally competitive agribusiness industry in Nigeria.
“The investment into the Premium Cocoa Products Ile-Oluji facility—one of our cocoa processing subsidiaries, coupled with our partnership with BII, represents a significant step forward in achieving this goal.
“This investment will not only boost our processing capabilities but also empower thousands of farmers and contribute to the overall economic development of Nigeria.”
As the world’s fourth-largest cocoa producer, Nigeria holds immense potential, yet the country’s export capacity remains underutilized.
This investment will enable Johnvents Group to scale up its processing capabilities, meet growing global demand, and position Nigeria as a competitive player in the international cocoa market.
BII’s partnership with Johnvents reinforces the DFI’s commitment to increasing investment in Black-owned and led businesses in Africa, which often face challenges in accessing capital compared to other ethnicities in the region.
BII’s Coverage Director and Head of Nigeria Office, Benson Adenuga, stated, “We are delighted to partner with Johnvents Group to address critical barriers to the growth of Nigeria’s cocoa industry.
“Not only will this benefit local farmers, but also improve Nigeria’s trade balance and global competitiveness through increased exports.
“The investment underlines BII’s commitment to back ambitious Black-owned and led domestic champions that provide innovative solutions to key bottlenecks in strategic sectors.”
