Nigeria’s cocoa sector has received a significant investment boost with a £40.5 million funding from British International Investment (BII), in collaboration with local company Johnvents Group. This partnership aims to increase cocoa production, enhance global exports, and promote sustainability within Nigeria’s agricultural sector.
The investment will specifically support Johnvents Group’s subsidiary, Premium Cocoa Products, at its facility in Ile-Oluji. The facility plans to scale its production capacity from 13,000 to 30,000 metric tonnes annually, with the broader goal of establishing Nigeria as a competitive player in the global cocoa market.
John Alamu, Group Managing Director of Johnvents, called the funding transformative, not just for his company but also for local farmers and Nigeria’s economic development. The funds will strengthen the company’s traceability program and improve production efficiencies, supporting Johnvents’ goal of achieving 100% traceable cocoa by 2027.
British Deputy High Commissioner in Lagos, Jonny Baxter, highlighted the UK’s commitment to sustainable investments in Nigeria, noting that the partnership would create jobs and strengthen cocoa exports. “Through this landmark agreement,” he said, “we look forward to the growth of Nigeria’s cocoa industry.”
Benson Adenuga, Head of Office and Coverage Director at BII, emphasized that the investment would address key challenges in Nigeria’s cocoa industry, benefiting both local farmers and Nigeria’s trade balance. Nigeria, as the world’s fourth-largest cocoa producer, has underutilized export capacity that this investment aims to address by improving processing and export capabilities.
The partnership aligns with BII’s broader focus on supporting Black-owned businesses in Africa, many of which face difficulty accessing capital. Chris Chijiutomi, Managing Director and Head of Africa at BII, underscored the importance of sustainable farming practices, local value addition, and fair wages for continued success in agriculture.
Dr. Patrick Adebola, Executive Director of the Cocoa Research Institute of Nigeria, expressed optimism about the industry’s future, pointing to growing global demand and increased profits for farmers. With Nigeria’s cocoa industry poised for growth, this partnership is a crucial step toward economic development and competitiveness in global markets.
