UK’s BII Invests $40.5M in Johnvents Group to Boost Nigeria’s Cocoa Exports

The British International Investment (BII) the United Kingdom’s development finance institution, has invested $40.5 million in Johnvents Group, an agribusiness and manufacturing corporation, to enhance cocoa production and exports in Nigeria.

The partnership agreement was signed on Tuesday in Abuja and is expected to support Premium Cocoa Products, a subsidiary of Johnvents Group, in scaling up production to its installed capacity of 30,000 metric tonnes per year.

The investment aims to improve production efficiencies and advance Johnvents Group’s goal of achieving 100 percent traceable cocoa by 2027.

Speaking at the signing ceremony, Jonny Baxter, the British deputy high commissioner in Lagos, said the UK is proud to support sustainable investments that create jobs and foster mutually beneficial partnerships in Nigeria.

“Through this landmark agreement between the UK’s development finance institution, British International Investment, and Johnvents Group, we look forward to further growth of Nigeria’s cocoa industry and increased export markets,” Baxter said.

Benson Adenuga, coverage director and head of BII’s Nigeria office, emphasised the broader impact of the investment on local farmers and the nation’s trade balance.

“The partnership will not only benefit local farmers but also improve Nigeria’s trade balance and global competitiveness through increased exports,” he said.

Baxter also highlighted BII’s commitment to supporting Black-owned and led businesses that provide innovative solutions in key sectors.

“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,” he added.

John Alamu, group managing director of Johnvents Group, described the investment as a major milestone for the company and Nigeria’s agribusiness industry.

“The investment into the Premium Cocoa Products Ile-Oluji facility represents a significant step forward in achieving a sustainable agribusiness industry in Nigeria,” Alamu said.

He added that the funding will not only enhance the company’s processing capacity but also empower thousands of farmers and contribute to Nigeria’s overall economic development.

Boluwatife Enome

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