LAGOS (Naija247news) – Johnvents, a leading Nigerian agribusiness and cocoa processing firm, has successfully secured a $40.5 million investment from the United Kingdom’s development finance institution, British International Investment (BII), to significantly expand its cocoa processing operations. This funding will enable Johnvents to more than double its processing capacity to 30,000 metric tons annually.
Thank you for reading this post, don't forget to subscribe!Cocoa remains one of Nigeria’s top non-oil exports, primarily produced by small-scale farmers across the southern regions of the country. The expansion will focus on increasing production capabilities at Johnvents’ plant in Ondo state, with the investment directed towards acquiring advanced machinery and refurbishing the existing facilities.
Benson Adenuga, head of BII’s office in Nigeria, confirmed that the long-term funding would play a key role in supporting the firm’s efforts to meet global demand for processed cocoa products. The firm is also set to enhance sustainability efforts, with a goal to have 90% of its cocoa certified under the Rainforest Alliance sustainability and traceability program by 2027.
Johnvents is a prominent exporter of processed cocoa butter and cocoa powder, with a significant portion of its exports reaching European markets. This new investment aligns with Nigeria’s efforts to grow its cocoa sector, which faces challenges such as aging infrastructure and the need for more sustainable farming practices.
This partnership is expected to stimulate further growth in Nigeria’s cocoa sector, providing a boost to the country’s agricultural exports and supporting local farmers with improved income opportunities.
