To increase Nigeria’s cocoa production, the UK’s development finance organization, British International Investment (BII), has signed a $40.5 million investment agreement with the agribusiness Johnvents Group.It is anticipated that the investment will expand the cocoa industry, increase its competitiveness for exports worldwide, and open up business options for Nigerian farmers.

Through the cooperation, Johnvents Group subsidiary Premium Cocoa Products Ile-Oluji will be able to expand its annual processing capacity from 13,000 metric tonnes to 30,000 metric tonnes, establishing the business as a significant player in the global cocoa market.

Supporting Johnvents Group’s sustainability objectives is a primary focus of the investment. By 2027, the company wants to have 100% traceable cocoa and at least 90% of its produce certified.

Additionally, the investment will promote operational and technological improvements, guarantee increased productivity, and guarantee compliance with international sustainability standards.

British Deputy High Commissioner to Nigeria Jonny Baxter emphasized the importance of the cooperation at a signing ceremony in Abuja on Tuesday, saying, “The UK is proud to back first-class sustainable investment that is creating jobs and mutually beneficial partnerships across Nigeria.”

We anticipate more expansion of Nigeria’s cocoa sector and expanded export markets as a result of this historic deal between Johnvents Group and British International Investment, the UK’s development finance organization.

“We are thrilled to partner with Johnvents Group to address critical barriers to the growth of Nigeria’s cocoa industry; not only will this benefit local farmers, but also improve Nigeria’s trade balance and global competitiveness through increased exports,” said Benson Adenuga, head of BII’s Nigeria Office, highlighting the investment’s economic impact.

The investment demonstrates BII’s dedication to supporting aspirational Black-led domestic champions that offer creative answers to significant bottlenecks in vital industries.

Nigeria is the fourth-largest producer of cocoa in the world, but its export potential is still underutilized.

By increasing processing capacity, guaranteeing higher-quality exports, and promoting sustainable farming methods, this initiative aims to close that gap.

According to John Alamu, group managing director of Johnvents Group, the cooperation represents a show of confidence in the company’s ability to grow the cocoa industry in Nigeria.

“We are committed to developing a sustainable and internationally competitive agribusiness sector in Nigeria,” Alamu stated. Together with our collaboration with Bll, the investment in our cocoa processing subsidiary, Premium Cocoa Products Ile-Oluji, is a major step toward accomplishing this objective.

In addition to improving our processing capacity, this investment will empower thousands of farmers and advance Nigeria’s economy as a whole.