Johnvents, a Nigerian agribusiness and manufacturing company, has secured a $40.5 million investment from the United Kingdom’s development finance institution to scale up its cocoa processing capacity. With this funding, the company aims to more than double its output, reaching 30,000 metric tons per year.
Strengthening Nigeria’s Cocoa Industry
Cocoa remains one of Nigeria’s leading non-oil exports, primarily cultivated by smallholder farmers in the country’s southern region. The investment is expected to enhance value addition within the industry, boosting exports and creating new economic opportunities.
Benson Adenuga, who heads British International Investment’s (BII) Nigeria office, stated that the institution is offering long-term financial support to Johnvents for the expansion of its processing plant in Ondo State.
Investment in Equipment and Sustainability
“Our funding will enable the company to purchase modern equipment, refurbish existing facilities, and significantly expand its factory operations,” Adenuga told Reuters.
Johnvents supplies cocoa butter and powder to international markets, including Europe. Additionally, BII has pledged to support the company’s sustainability initiatives. By 2027, the goal is for 90% of Johnvents’ cocoa to be certified under the Rainforest Alliance’s sustainability and traceability program, reinforcing responsible sourcing practices in the industry
