Nigeria Partners IFC to Expand Cocoa Operations with $23.3 Million Investment

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The International Finance Corporation (IFC) and Johnvents Industries Limited have forged a $23.3 million partnership aimed at expanding cocoa processing operations and enhancing export capacity to global markets. This investment seeks to bolster Nigeria’s agricultural sector and uplift the livelihoods of numerous farmers nationwide.

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Records from the Ministry of Agriculture and Food Security highlight cocoa as Nigeria’s highest agricultural contributor to Gross Domestic Product, generating N358 billion in export revenue in 2023 alone.

Johnvents, a key player in sourcing and supplying quality cocoa beans for export, will utilize the IFC financing to expand its cocoa processing facility in Ondo State. This initiative is set to double production capacity to 120 metric tons per day, thereby ensuring stable incomes for farmers within its supply chain.

The financing package includes an $8.5 million loan from IFC, a $6.3 million equivalent loan in Nigerian Naira supported by the International Development Association’s Private Sector Window, and an additional $8.5 million loan from the Private Sector Window of the Global Agriculture and Food Security Programme (GAFSP).

Moreover, the partnership includes advisory services aimed at enhancing gender diversity across Johnvents’ workforce and value chain, strengthening sustainability efforts, and optimizing cocoa processing efficiency. Plans also entail transitioning to a new energy generation system using natural gas, aligning with Nigeria’s decarbonization objectives in agriculture.

IFC Managing Director, Makhtar Diop, emphasized the pivotal role of agribusiness in Nigeria’s economic diversification strategy. He underscored IFC’s commitment to fostering job creation, promoting sustainable agricultural practices, and bolstering Nigeria’s competitiveness in the global cocoa market through support to Johnvents.

This collaboration represents a significant stride towards transforming Nigeria’s cocoa sector, enhancing export potential, and contributing to the nation’s economic growth and development goals.

By Naija247news
By Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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