BII commits $40.5m to Nigeria’s cocoa sector in new investment agreement
Onome Amuge
British International Investment (BII), the United Kingdom’s development finance institution, has sealed an investment deal worth $40.5 million with Johnvents Group, a Nigerian agribusiness player, to enhance the country’s cocoa production.
The infusion of capital into Johnvents Group is intended to support the growth of Nigeria’s cocoa sector, enhance its international competitiveness, and create economic opportunities for the nation’s farmers, who rely heavily on cocoa production for their livelihoods.
Through this partnership, Premium Cocoa Products Ile-Oluji (PCPI), a subsidiary of Johnvents Group, will be able to substantially increase its cocoa processing capacity, from 13,000 to 30,000 metric tonnes per year, solidifying its position as a key player in the international cocoa market.
Moreover, the partnership’s sustainability goals aim to ensure that Johnvents Group sources 100 percent of its cocoa from traceable sources by 2027, with at least 90 percent of the cocoa being certified in alignment with international standards.
The funding, according to BII, will facilitate technological upgrades and operational improvements within Johnvents Group, ensuring that the company’s operations are not only more efficient but also fully compliant with international sustainability standards.
Jonny Baxter, British deputy high commissioner to Nigeria,spoke on the importance of the partnership between BII and Johnvents Group during a signing ceremony in Abuja on Tuesday
“Through this landmark agreement between the UK’s development finance institution, British International Investment, and Johnvents Group, we look forward to further growth of Nigeria’s cocoa industry and increased export markets,” Baxter said.
Benson Adenuga, the head of BII’s Nigeria office, emphasised the economic benefits of the investment, stating they are delighted to collaborate with Johnvents Group in tackling the challenges that hinder the growth of Nigeria’s cocoa industry.
This partnership, Adenuga stated, will not only bring positive changes to the lives of local farmers, but will also improve Nigeria’s trade balance and global competitiveness by increasing exports of cocoa and cocoa products.
John Alamu, the group managing director of Johnvents Group, expressed his delight at the partnership with BII, noting that it is a significant show of trust in the company’s ability to drive transformation in Nigeria’s cocoa industry.
“We are dedicated to building a sustainable and globally competitive agribusiness industry in Nigeria. The investment into the Premium Cocoa Products Ile-Oluji facility, one of our cocoa processing subsidiaries, coupled with our partnership with Bll, represents a significant step forward in achieving this goal,” Alamu stated.