The investment is set to enhance the operations of Premium Cocoa Products Ile-Oluji, a key subsidiary of Johnvents Group, enabling it to reach its full annual production capacity of 30,000 metric tonnes of cocoa.

As the world’s fourth-largest cocoa producer, Nigeria has significant untapped potential in the global cocoa market.

However, challenges related to processing inefficiencies and sustainability practices have hindered the country’s ability to maximize exports.

Johnvents Group aims to address these challenges by utilizing the newly secured funding to modernize its production processes and strengthen its sustainability and traceability initiatives, ensuring compliance with global standards for ethical sourcing.

A core aspect of this investment is the company’s ambition to achieve 100% traceable cocoa by 2027, with at least 90% of its supply certified.

This strategic move is expected to boost production efficiency, increase Nigeria’s export competitiveness, and provide economic benefits to local cocoa farmers by fostering fair trade and sustainable farming practices.

Benson Adenuga, Coverage Director and Head of Nigeria Office at BII, highlighted the importance of this collaboration in overcoming key obstacles in Nigeria’s cocoa industry:

“We are pleased to support Johnvents Group in addressing critical barriers to growth in the sector. This investment will benefit local farmers, strengthen Nigeria’s trade position, and enhance the country’s global presence through increased exports,” he stated.

Echoing this sentiment, Jonny Baxter, British Deputy High Commissioner in Lagos, emphasized the UK’s commitment to sustainable investments in Nigeria.

“The UK is proud to support high-quality, sustainable investments that create jobs and foster mutually beneficial partnerships across Nigeria,” Baxter noted.

John Alamu, Group Managing Director of Johnvents Group, described the investment as a pivotal step in strengthening Nigeria’s agribusiness sector:

“This funding for our Premium Cocoa Products Ile-Oluji facility marks a major advancement in our goal to build a sustainable and globally competitive cocoa industry. It will enhance our processing capabilities, empower thousands of farmers, and contribute significantly to Nigeria’s economic growth,” Alamu remarked.