The Johnvents Group in partnership with British International Investment (BII) has agreed to invest the sum of $40.5 million to drive the growth and sustainability of Nigeria’s cocoa sector.
The partnership agreement which took place Tuesday in Abuja will seek to boost cocoa production, enhance global export capabilities, and create economic opportunities for Nigerian farmers.
Coverage Director and Head of Nigeria Office at BII, Benson Adenuga said, “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.”
According to Adenuga, the investment underlines BII’s commitment to back ambitious Black-owned domestic champions that provide innovative solutions to key bottlenecks in strategic sectors.
“It supports Johnvents Group’s sustainability goal to achieve 100 per cent traceable cocoa by 2027.
“Funding also helps the Premium Cocoa Products Ile-Oluji cocoa processing facility, one of Johnvents Group’s subsidiaries to increase production from 13,000 to 30,000 metric tonnes per year.”
Adenuga noted that as the world’s fourth-largest cocoa producer, Nigeria holds immense potential, yet the country’s export capacity remains underutilised.
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.
The collaboration between both company will support one of Johnvents Group’s subsidiaries, Premium Cocoa Products, Ile-Oluji to increase production to its installed capacity of 30,000 metric tonnes per year.
This strategic collaboration comes at a pivotal time when Nigeria’s agricultural sector is poised to play a more prominent role in the global supply chain for sustainably sourced products.
The $40.5 million investment from BII will enable Johnvents Group to optimise production efficiencies as well as strengthen its sustainability and traceability programme. This will advance the company’s ambitious goal to achieve 100 per cent traceable cocoa, with at least 90 per cent certified, by 2027.
British Deputy High Commissioner in Lagos, Jonny Baxter, said the UK’s commitment to work with Nigeria to strengthen its agricultural sector and drive inclusive growth.
“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.”
Group Managing Director of Johnvents Group, John Alamu emphasised the importance of this milestone, stating that “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.”
BII’s partnership with Johnvents reinforces the DFI’s commitment to increase investment in Black-owned and led business in Africa, who often face challenges in accessing capital compared to other ethnicities in the region.
