Johnvents Secures $40.5 Million Investment to Boost Cocoa Processing in Nigeria

Johnvents, a prominent Nigerian agribusiness and manufacturing company, has secured a substantial $40.5 million investment from the United Kingdom’s development finance institution, British International Investment (BII). This funding will enable the company to more than double its cocoa processing capacity, increasing production to 30,000 metric tons annually.

Cocoa is one of Nigeria’s most significant non-oil exports, largely produced by small-scale farmers in the southern regions of the country. With this new investment, Johnvents aims to enhance its capacity to process and export cocoa products, including cocoa butter, to international markets.

Benson Adenuga, the head of BII’s office in Nigeria, emphasized that the long-term funding would support Johnvents’ plant in Ondo state, a key location for cocoa processing in Nigeria. The investment will help the company expand its operations and contribute to the country’s growing cocoa industry.

This development marks a significant step forward for both Johnvents and the Nigerian cocoa sector, helping to position the country as a key player in the global cocoa market.