Johnvents Secures $40.5 Million to Boost Cocoa Processing in Nigeria
Johnvents, a leading Nigerian agribusiness and manufacturing firm, has secured a $40.5 million investment from the UK’s development finance institution to significantly expand its cocoa processing capacity. This funding will enable the company to more than double its annual output to 30,000 metric tons.
Cocoa remains one of Nigeria’s top non-oil exports, predominantly cultivated by small-scale farmers in the southern region. With this investment, Johnvents aims to enhance its operations and strengthen its position in the global cocoa market.
According to Benson Adenuga, head of the British International Investment (BII) office in Nigeria, the institution is providing long-term financial support for Johnvents’ plant in Ondo State. “We are financing the acquisition of new machinery as well as the refurbishment and expansion of their factory,” Adenuga told Reuters.
Johnvents specializes in exporting processed cocoa products such as cocoa butter and cocoa powder, with Europe being one of its key markets. As part of its sustainability goals, BII will also support the company in ensuring that 90% of its cocoa receives certification under the Rainforest Alliance’s sustainability and traceability program by 2027.
This investment underscores the growing potential of Nigeria’s cocoa industry and highlights Johnvents’ commitment to sustainable and high-quality cocoa processing.
Source: Reuters
