Johnvents Group, a leading Nigerian agribusiness and manufacturing conglomerate, has secured a $40.5 million investment from British International Investment (BII), the UK’s development finance institution and impact investor. This landmark partnership is set to propel Premium Cocoa Products Ile-Oluji, one of Johnvents Group’s key subsidiaries, to achieve its full production capacity of 30,000 metric tonnes of cocoa per year.
Nigeria, the world’s fourth-largest cocoa producer, has long held immense potential that has yet to be fully tapped. Despite abundant cocoa resources, the nation’s export capacity remains underutilized due to inefficiencies in processing and sustainability practices. With this strategic investment, Johnvents Group aims to optimize production processes and bolster its sustainability and traceability programs, aligning with global demands for ethically sourced, high-quality cocoa products.
The infusion of $40.5 million will not only modernize processing capabilities at the Premium Cocoa Products Ile-Oluji facility but also support the company’s ambitious goal of achieving 100% traceable cocoa—of which at least 90% will be certified—by 2027. This initiative is poised to create a ripple effect of benefits: improved production efficiencies, enhanced export competitiveness, and significant economic empowerment for local cocoa farmers.
British International Investment’s commitment to Nigeria’s agricultural sector is evident in its strategic focus on supporting innovative, Black-owned businesses. Benson Adenuga, Coverage Director and Head of Nigeria Office at BII, remarked, “We are delighted to partner with Johnvents Group to address critical barriers to the growth of Nigeria’s cocoa industry. This investment will benefit local farmers, improve Nigeria’s trade balance, and enhance global competitiveness through increased exports.” Such a statement underscores BII’s broader mission to foster sustainable development and inclusive growth in Africa.
Additionally, Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the UK’s commitment to working with Nigeria. “The UK is proud to back first-class sustainable investment that is creating jobs and mutually beneficial partnerships across Nigeria,” Baxter noted. His comments reflect the broader international interest in supporting Nigeria’s agricultural renaissance.
John Alamu, Group Managing Director of Johnvents Group, emphasized the milestone’s significance: “This investment into our Premium Cocoa Products Ile-Oluji facility represents a significant step forward in building a sustainable and globally competitive agribusiness industry in Nigeria. It will boost our processing capabilities, empower thousands of farmers, and contribute substantially to the country’s economic development.”
By leveraging BII’s capital and expertise, Johnvents Group is well-positioned to transform Nigeria’s cocoa sector, drive innovation, and secure a competitive edge in the global market—paving the way for a more sustainable and prosperous future for the entire industry.
