The British International Investment (BII), the UK’s development finance institution, has formalized a $40.5 million investment agreement with Nigeria’s Johnvents Group to bolster the country’s cocoa production and expand its global export competitiveness. 

The investment will be channeled into Premium Cocoa Products Ile-Oluji, a key subsidiary of Johnvents Group, to increase its annual processing capacity from 13,000 metric tonnes to 30,000 metric tonnes. The expansion will position the company as a leading player in the international cocoa market, driving higher-quality exports and opening up access to global markets.

A major objective of the agreement is to support Johnvents Group’s ambitious sustainability goals. By 2027, the company aims to achieve 100% traceable cocoa, with 90% of its produce certified. The funding will also be used to implement technological upgrades and operational improvements to align with international sustainability standards, enhancing efficiency across the entire value chain.

During the signing ceremony in Abuja, British Deputy High Commissioner to Nigeria Jonny Baxter emphasized the significance of the collaboration. He stated, “The UK is proud to back first-class sustainable investment that is creating jobs and mutually beneficial partnerships across Nigeria. Through this landmark agreement, we look forward to the continued growth of Nigeria’s cocoa industry and expanded export markets.”

Benson Adenuga, Head of BII’s Nigeria Office, highlighted the economic implications of the deal. “This investment will not only benefit local farmers but also improve Nigeria’s trade balance and global competitiveness through increased exports. It underscores BII’s commitment to supporting Black-owned and led domestic champions that address key bottlenecks in strategic sectors.”

Despite being the world’s fourth-largest cocoa producer, Nigeria has struggled to realize its full export potential. This investment is expected to bridge that gap by scaling up processing capabilities and promoting sustainable agricultural practices.

John Alamu, Managing Director of Johnvents Group, described the partnership as a vote of confidence in the company’s ability to transform Nigeria’s cocoa industry. “We are dedicated to building a sustainable and globally competitive agribusiness industry. This investment will not only boost our processing capacity but also empower thousands of farmers and contribute to Nigeria’s overall economic development.”