Johnvents Group secures US$40.5M from BII invests to drive sustainability in cocoa agricultural sector
NIGERIA – Johnvents Group, an agribusiness and manufacturing conglomerate in Nigeria’s cocoa processing and export sector, has partnered with British International Investment (BII), the UK’s development finance institution, securing US$40.5M.
This collaboration will support one of Johnvents Group’s subsidiaries, Premium Cocoa Products, Ile-Oluji, in increasing production to its installed capacity of 30,000 metric tonnes per year.
It will also help boost cocoa production, enhance global export capabilities, and create economic opportunities for Nigerian farmers, supporting Johnvents Group’s sustainability goal to achieve 100 per cent traceable cocoa by 2027
John Alamu, Group Managing Director of Johnvents Group, emphasised 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 into the Premium Cocoa Products Ile-Oluji facility – one of our cocoa processing subsidiaries, and 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.”
The company added that the partnership helps to reinforce its commitment to increase investment in Black-owned and led businesses in Africa, which often face challenges in accessing capital compared to other ethnicities in the region.
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 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.”
Starlink invests US$4.5M in cocoa
Recently, Starlink Global and Ideal Limited announced plans to invest N7 billion (US$4.5M) in cocoa and cashew production over the next five years.
The Managing Director of Starlink Global, Adeyemi Murtadha Adeniyi, made the announcement during the company’s 25th-anniversary celebration.
He emphasised the need for private-sector leadership in driving economic growth, stating, “If Starlink had waited for the government, we wouldn’t have been able to bail out millions of Nigerians thriving in cocoa today.
“The company has faced significant challenges, including bankruptcy, but we’ve transformed Nigeria’s cocoa industry and agricultural landscape.”
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