By Ifeoluwa Odunayo
British International Investment (BII), the UK’s development finance institution, has committed $40.5 million to Johnvents Group, a leading Nigerian agribusiness and manufacturing company, to enhance cocoa production and exports.
The agreement, signed in Abuja, will enable Premium Cocoa Products, a subsidiary of Johnvents Group, to expand its processing capacity to 30,000 metric tonnes annually.
The investment also aims to achieve 100% traceable cocoa by 2027, ensuring sustainable and transparent sourcing.
Speaking at the signing ceremony, Jonny Baxter, British Deputy High Commissioner in Lagos, reaffirmed the UK’s commitment to sustainable investments that drive job creation and strengthen Nigeria’s agricultural sector.
He expressed optimism that the partnership would accelerate the growth of Nigeria’s cocoa industry and boost export opportunities.
Benson Adenuga, Coverage Director and Head of BII’s Nigeria Office, highlighted the deal’s potential to benefit local farmers, improve Nigeria’s trade balance, and enhance the country’s competitiveness in global markets.
John Alamu, Group Managing Director of Johnvents Group, described the investment as a significant milestone for Nigeria’s agribusiness sector, emphasizing its role in expanding processing capacity, empowering farmers, and driving economic development.
