The United Kingdom’s development finance institution, British International Investment (BII), has approved $40.5 million investment to an agribusiness and manufacturing conglomerate, Johnvents Group, to boost cocoa production, enhance global export capabilities, and create economic opportunities for Nigerian farmers.
The investment is also targeted at supporting Johnvents Group’s sustainability goal to achieve 100 per cent traceable cocoa by 2027.
The funding will also help Premium Cocoa Products Ile-Oluji cocoa processing facility, one of Johnvents Group’s subsidiaries in Ondo State to increase production from 13,000 to 30,000 metric tonnes per year.
Speaking during the signing ceremony between Johnvents and BII on Tuesday in Abuja, British Deputy High Commissioner in Lagos, Jonny Baxter, emphasised the longstanding UK-Nigeria trade relationship and the UK’s dedication to supporting first-class sustainable investments that create jobs and drive mutual growth.
The investment, he said, underscores the UK’s unwavering commitment to unlocking opportunities in sustainable land use and forestry while ensuring positive social outcomes and enhancing climate resilience for local communities and smallholder farmers.
He added that the initiative is expected to boost Nigeria’s cocoa industry by improving supply chain sustainability, increasing exports, and generating foreign exchange.
Coverage Director and Head of Nigeria Office at BII, Benson Adenuga said the investment will not only 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.
“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.
Group Managing Director of Johnvents Group, John Alamu, noted the company’s dedication 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.”
