Johnvents, BII partner to invest $40.5m in Cocoa production in Nigeria

Cocoa production in Nigeria has received a boost with $40.5 million investment from Johnvents Group and British International Investment, BII, the UK’s Development Finance Institution. The partnership will boost cocoa production, enhance global export capabilities, and create economic opportunities for Nigerian farmers. It supports Johnvents Group’s sustainability goal to achieve 100 per cent traceable cocoa by 2027. The Funding also helps the Premium Cocoa Products Ile-Oluji cocoa processing facility, one of Johnvents Group’s subsidiaries to increase production from 13,000 to 30,000 metric tonnes per year. This strategic collaboration comes at a time when Nigeria’s agricultural sector is poised to play a more prominent role in the global supply chain for sustainably sourced products. The $40.5 million investment from BII will enable Johnvents Group to optimise production efficiencies as well as strengthen its sustainability and traceability programme. This will advance the company’s ambitious goal to achieve 100 per cent traceable cocoa, with at least 90 per cent certified, by 2027. Underlining the UK’s commitment to work with Nigeria to strengthen its agricultural sector and drive inclusive growth.
BII’s partnership with Johnvents reinforces the DFI’s commitment to increase investment in Black-owned and led business in Africa, who often face challenges in accessing capital compared to other ethnicities in the region. The British Deputy High Commissioner to Nigeria, Jonny Baxter said: “The UK is proud to back first-class sustainable investment that is creating jobs and mutually beneficial partnerships across Nigeria. 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.” 
The Coverage Director and Head of Nigeria Office, BII, Benson Adenuga, said: “We are delighted to partner with Johnvents Group to address critical barriers to the growth of Nigeria’s cocoa industry. Not only will this benefit local farmers, but also improve Nigeria’s trade balance and global competitiveness through increased exports. The investment underlines BII’s commitment to back ambitious Black-owned and led domestic champions that provide innovative solutions to key bottlenecks in strategic sectors.” Meanwhile, the Group Managing Director, Johnvents Group, John Alamu, emphasised the importance of the milestone, “At Johnvents Group, 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 BII, represents a significant step forward in achieving this goal. This investment will not only boost our processing capabilities but also empower thousands of farmers and contribute to the overall economic development of Nigeria.” 
Also, in a remark, the Executive Director, Cocoa Research Institute of Nigeria, CRIN, Ibadan, Dr Patrick Adebola, hailed the partnership between Johnvents and BII, and expressed optimism that the $40.5 million investment from BII will transform the industry, with 300,000 cocoa farmers and their families will be greatly impacted positively and would fast-track industrialisation through value addition that cocoa farmers actually will be plucking money from their cocoa trees. Adebola also said cocoa farmers are already smiling to the banks as a metric tonne of cocoa now sells at$12,000 in 2025 compared to $1,800 per tonne in 2024. However, he said the current production of cocoa can be upscaled to 900,000 metric tonnes per annum from the current 340,000 metric tonnes per annum, therefore, he highlighted some strategic approach that would boost cocoa farmers’ productivity, which include: improved cocoa varieties; cocoa farm rehabilitation; less use of agro-chemicals; good agricultural practices; capacity building of cocoa farmers.