Johnvents Group, BII partner sign $40.5m investment deal to boost cocoa production

Johnvents Group (Johnvents), an agribusiness and manufacturing conglomerate and one of the leading players in Nigeria’s cocoa processing and export sector, has announced a partnership with British International Investment (BII), the UK’s development finance institution (DFI) and impact investor.

This collaboration will support one of Johnvents Group’s subsidiaries, Premium Cocoa Products, located in Ile-Oluji, Ondo State, in increasing production to its installed capacity of 30,000 metric tonnes per year.

This strategic partnership comes at a pivotal time when Nigeria’s agricultural sector is poised to play a more prominent role in the global supply chain for sustainably sourced products.

The partnership is also expected to boost cocoa production, enhance global export capabilities, and create economic opportunities for Nigerian farmers.

The $40.5 million investment from BII will enable Johnvents Group to optimize production efficiencies as well as strengthen its sustainability and traceability programs. This will advance the company’s ambitious goal of achieving 100 percent traceable cocoa, with at least 90 percent certified, by 2027.

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While underlining the UK’s commitment to working with Nigeria to strengthen its agricultural sector and drive inclusive growth, Jonny Baxter, British Deputy High Commissioner in Lagos, 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 the further growth of Nigeria’s cocoa industry and increased export markets,” he said.

The funding will also help the Premium Cocoa Products Ile-Oluji cocoa processing facility, one of Johnvents Group’s subsidiaries, increase production from 13,000 to 30,000 metric tonnes per year.

Benson Adenuga, Coverage Director and Head of Nigeria Office at BII, 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 it will also improve Nigeria’s trade balance and global competitiveness through increased exports. The investment underlines BII’s commitment to backing ambitious Black-owned and led domestic champions that provide innovative solutions to key bottlenecks in strategic sectors.”

As the world’s fourth-largest cocoa producer, Nigeria holds great potential, yet the country’s export capacity remains underutilized. With this investment, Johnvents Group will scale up its processing capabilities, meet growing global demand, and position Nigeria as a competitive player in the international cocoa market.

John Alamu, Group Managing Director of Johnvents Group, emphasized the importance of this milestone, stating: “At Johnvents Group, we are dedicated to building a sustainable and globally competitive agribusiness industry in Nigeria.

“The investment in 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,” he added.

BII’s partnership with Johnvents reinforces the DFI’s commitment to increasing investment in Black-owned and led businesses in Africa, which often face challenges in accessing capital compared to other ethnicities in the region.