Lagos, Nigeria, February 18, 2025 – Johnvents Group, a prominent Nigerian agribusiness and manufacturing conglomerate, has partnered with British International Investment (BII), the UK’s development finance institution, in a $40.5 million deal to bolster the country’s cocoa sector. Announced on February 18, 2025, the investment will enhance production at Johnvents’ subsidiary, Premium Cocoa Products Ile-Oluji, lifting its capacity from 13,000 to 30,000 metric tonnes annually. The collaboration aims to ramp up cocoa exports, improve sustainability, and create economic opportunities for Nigerian farmers, aligning with Johnvents’ target of achieving 100 percent traceable cocoa by 2027.
The deal arrives as Nigeria, the world’s fourth-largest cocoa producer, seeks to capitalize on its agricultural potential amid rising global demand for sustainable products. BII’s funding will optimize Johnvents’ processing efficiency and advance its traceability programme, ensuring at least 90 percent of its cocoa is certified by 2027. This move strengthens Nigeria’s position in the international cocoa market, where its export capacity has historically lagged despite abundant resources.
Jonny Baxter, British Deputy High Commissioner in Lagos, underscored the UK’s support: “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 (BII), and Johnvents Group, we look forward to further growth of Nigeria’s cocoa industry and increased export markets.” The partnership reflects a broader UK commitment to fostering inclusive growth in Nigeria’s agricultural sector.
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John Alamu, Group Managing Director of Johnvents Group, highlighted the investment’s impact: “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.”
For BII, the partnership aligns with its mission to support Black-owned businesses in Africa, which often face capital access barriers. Benson Adenuga, Coverage Director and Head of Nigeria Office at BII, stated: “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.”
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The investment promises to unlock economic potential for Nigeria’s rural communities while enhancing the nation’s trade balance. By scaling up processing and export capabilities, Johnvents aims to meet growing international demand, positioning Nigeria as a more formidable player in the global cocoa supply chain. The focus on sustainability and traceability further ensures compliance with market standards, appealing to buyers prioritizing ethical sourcing. This collaboration marks a pivotal step toward realizing Nigeria’s agricultural ambitions, blending local expertise with international capital to drive long-term growth.
