Johnvents Group, a Nigerian agribusiness and manufacturing company, has secured a $40.5 million investment from British International Investment (BII), the UK’s development finance institution.
This partnership will significantly enhance Nigeria’s cocoa industry by expanding Johnvents’ cocoa processing capacity from 13,000 to 30,000 metric tonnes annually. The investment will be directed towards upgrading the company’s facility in Ondo State, enabling the acquisition of advanced machinery and the refurbishment of existing infrastructure.
Cocoa, one of Nigeria’s most vital non-oil exports, is predominantly cultivated by smallholder farmers in the southern regions. With this investment, Nigeria will meet the increasing demand for processed cocoa products such as butter and powder, which are exported to markets including Europe.
Benson Adenuga, head of BII’s Nigeria office, emphasized the institution’s commitment to providing long-term funding to facilitate this expansion. He noted that the investment would not only enhance production capacity but also support the company’s goal of achieving 90% Rainforest Alliance certification for its cocoa by 2027, ensuring adherence to sustainability and traceability standards.
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Johnvents Group’s Managing Director, John Alamu, expressed enthusiasm about the partnership, highlighting its potential to transform Nigeria’s cocoa sector. He stated that the investment would not only enhance the company’s processing capabilities but also positively impact the livelihoods of thousands of farmers, contributing to the nation’s economic diversification and development.
In recent years, Johnvents has demonstrated a steadfast commitment to advancing Nigeria’s cocoa industry. In 2024, the company secured a $23.3 million financing package from the International Finance Corporation (IFC) to further expand its cocoa processing operations and increase export capacity. This funding facilitated the doubling of production capacity to 120 metric tonnes of cocoa per day and supported initiatives aimed at sustainability, traceability, and inclusive growth. Additionally, in 2023, Johnvents entered into a $40 million cocoa export deal with the African Export-Import Bank (Afreximbank) and Fidelity Bank.
