Abuja, Feb. 19, 2025 – British International Investment (BII), the UK’s development finance institution, has signed a $40.5 million investment deal with Johnvents Group, an agribusiness industry in Nigeria.
The deal, which is enhance cocoa processing in Nigeria, was signed in Abuja on Tuesday.
Jonny Baxter, the British Deputy High Commissioner in Nigeria, while speaking at the agreement signing ceremony, 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 further growth of Nigeria’s cocoa industry and increased export markets.”
Benson Adenuga, the Head of BII Office in Nigeria Office, 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.
“Despite being the world’s fourth-largest cocoa producer, Nigeria’s export potential remains underutilised.
“This investment intends to bridge that gap by scaling up processing capabilities, ensuring higher-quality exports and fostering sustainable agricultural practices.
John Alamu, the Managing Director of Johnvents Group, described the partnership as a vote of confidence passed on the company to boost the cocoa sector in Nigeria.
“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 Bll, 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 said.
