British International Investment (BII), the UK’s development finance institution has inked an investment deal of $40.5 million with Johnvents Group, an agribusiness industry to enhance Nigeria’s cocoa production.
The investment is expected to grow the cocoa sector, improve its global export competitiveness and create economic opportunities for Nigerian farmers.
The partnership will enable Premium Cocoa Products Ile-Oluji, a subsidiary of Johnvents Group to increase its processing capacity from 13,000 metric tonnes to 30,000 metric tonnes per year and position the company as a major player in the international cocoa market.
A key objective of the investment is to support Johnvents Group’s sustainability goals as the company aimed to achieve 100 percent traceable cocoa by 2027 with at least 90 per cent of its produce certified.
The funding will also drive technological and operational enhancements and ensure greater efficiency and adherence to global sustainability standards.
At a signing ceremony in Abuja on Tuesday, British Deputy High Commissioner to Nigeria, Jonny Baxter, emphasised the significance of the collaboration, stating that, “The UK is proud to back first-class sustainable investment that is creating jobs and mutually beneficial partnerships across Nigeria.
Through this landmark agreement between the UK’s development finance institution, British International Investment, and Johnvents Group, we look forward to further growth of Nigeria’s cocoa industry and increased export markets.”
Head of BII’s Nigeria Office, Benson Adenuga, highlighted the economic impact of the investment noting that, “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.
Despite being the world’s fourth-largest cocoa producer, Nigeria’s export potential remains underutilised.
This investment intends to bridge that gap by scaling up processing capabilities, ensuring higher-quality exports and fostering sustainable agricultural practices.
In his remarks, group managing director of Johnvents Group, John Alamu described the partnership as a vote of confidence passed on the company to boost the cocoa sector in Nigeria.
Alamu said, “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 Bll, 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”.
