Quick Read: Johnvents Group has secured a $40.5 million investment from British International Investment (BII) to enhance cocoa production in Nigeria. The funding will optimize processing at Premium Cocoa Products Ile-Oluji and boost sustainability efforts. This initiative aims to improve traceability, support local farmers, and strengthen Nigeria’s global cocoa competitiveness.
Major Investment to Boost Cocoa Production: Johnvents Group, a leading Nigerian agribusiness and manufacturing conglomerate, has secured a $40.5 million investment from British International Investment (BII). BII, the UK’s development finance institution and impact investor, aims to help Johnvents Group scale its operations and maximize production at Premium Cocoa Products Ile-Oluji, one of its key subsidiaries. This investment will enable the facility to reach its full production capacity of 30,000 metric tonnes of cocoa per year.
Addressing Nigeria’s Untapped Cocoa Potential As the world’s fourth-largest cocoa producer, Nigeria holds significant potential in the global cocoa market. However, inefficiencies in processing and sustainability practices have limited the country’s export capacity. The strategic investment from BII will help Johnvents Group enhance production processes and strengthen sustainability and traceability initiatives. These improvements align with global demand for ethically sourced, high-quality cocoa products.
Enhancing Processing and Sustainability The $40.5 million investment will modernize processing capabilities at the Premium Cocoa Products Ile-Oluji facility. Additionally, Johnvents Group has set an ambitious goal to achieve 100% traceable cocoa by 2027, with at least 90% being certified. This initiative is expected to drive key benefits, including improved production efficiency, stronger export competitiveness, and economic empowerment for local cocoa farmers.
BII’s Commitment to Nigeria’s Agricultural Sector British International Investment remains dedicated to fostering innovation and supporting Black-owned businesses in Nigeria’s agricultural sector. Benson Adenuga, Coverage Director and Head of Nigeria Office at BII, emphasized the significance of the partnership: “We are delighted to collaborate with Johnvents Group to tackle critical challenges in Nigeria’s cocoa industry. This investment will uplift local farmers, improve Nigeria’s trade balance, and enhance its global competitiveness through increased exports.”
UK’s Support for Sustainable Investment in Nigeria Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the UK’s ongoing support for sustainable investments in Nigeria. “The UK is proud to back first-class sustainable investment that creates jobs and fosters mutually beneficial partnerships across Nigeria,” Baxter stated. His comments underscore the international community’s interest in advancing Nigeria’s agricultural sector.
Johnvents Group’s Vision for a Competitive Cocoa Industry John Alamu, Group Managing Director of Johnvents Group, described the investment as a transformative milestone. “This funding for our Premium Cocoa Products Ile-Oluji facility marks a major step in building a sustainable and globally competitive agribusiness industry in Nigeria. It will enhance our processing capabilities, empower thousands of farmers, and significantly contribute to the nation’s economic development.”
Paving the Way for a Sustainable Future With BII’s capital and expertise, Johnvents Group is well-positioned to drive innovation and strengthen Nigeria’s cocoa industry. This investment lays the foundation for a more sustainable and prosperous future, benefiting local farmers, businesses, and the broader economy.
